|Published : 14 Oct 2016, 14:03:37|
Gold prices edge lower in Asian trade
Gold prices edged lower in Asian trade on Friday as stocks firmed and the US dollar rose on expectations the Federal Reserve would raise interest rates by year-end.
Asian stocks edged higher and the dollar bounced on Friday as global markets took a breather after being churned by downbeat Chinese economic data the previous day.
Spot gold was down 0.1 per cent at $1,256.50 an ounce by 0059 GMT.
US gold futures were up 0.1 per cent at $1,258.50 an ounce.
The dollar index, which measures the greenback against a basket of six major currencies, gained 0.1 per cent to 97.613.
Azerbaijan's top gold producer Anglo Asian Mining said on Thursday its January-September output was 7.8 per cent lower than in the same period last year at 49,874 ounces and it was cutting its 2016 production target.
Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.28 per cent to 961.57 tonnes on Thursday.
South Africa's mining output fell 0.2 per cent in August, according to Statistics South Africa's monthly mining production data, according to a news agency report.