Gold set for second weekly loss on reduced rate cut bets, higher dollar, yields
Gold was on track for a second straight weekly loss, even as it edged higher on Friday, as surging oil prices dampened rate cut bets and caused investors to cover margin calls, while a rising dollar and U.S. yields also pressured prices. Spot gold was up 0.2% at $5,087.61 per ounce, as of 0927 GMT, but was set for a 1.7% weekly drop. U.S. gold futures for April delivery fell 0.16% to $5,092.60.