BENGALURU: Gold edged higher on Friday and was on track for its fourth successive weekly gain, as US stocks slipped and expectations rose that the US Federal Reserve might halt its monetary policy tightening cycle.
Spot gold was up 0.2 per cent at US$1,288.47 an ounce by 1.52pm EST (1852 GMT). US gold futures settled 0.2 per cent higher at US$1,289.50, report agencies."With equities down slightly heading into the weekend, there is some flight to safety in gold," said Bob Haberkorn, senior market strategist at RJO Futures.
An index of world stock markets eased on Friday after a five-day winning streak.
"The equities are looking a little heavy up at these levels and yesterday's speech by Fed Chairman Powell felt like Fed might adopt a dovish stance on rates moving forward, which is lending a lot of support to gold," Mr Haberkorn added.