• Gold prices edged lower on Friday and were headed for a weekly decline as positive U.S. economic data buoyed the dollar, but uncertainty over upcoming elections in Europe and Britain's exit from the European Union capped losses.
• Spot gold was down 0.2 percent on the day at $1,240.45 per ounce at 0255 GMT, and was set for a similar sized weekly loss, which would be its first weekly decline in three.
• The dollar index <.DXY> was up 0.1 percent at 100.54, near a two-week high hit earlier in the session, supported by solid U.S. economic data.
• The greenback was further supported by comments from New York Federal Reserve President William Dudley that reinforced the notion that core U.S. central bankers are confidently on the road to tighter monetary policy after having hiked interest rates twice in three months.
"In the short term, factors including a strengthening dollar could pull prices down to around the $1,230 an ounce range," said Yuichi Ikemizu, head of commodity trading at Standard Bank in Tokyo.
"However, the fundamentals are still bullish for gold, especially with the upcoming elections in France and elsewhere in Europe. So prices are not really expected to go much lower from here"
• Spot silver <XAG=> was down 0.2 percent to $18.05 per ounce, having touched $18.29, in the previous session, its highest since March 2.
Reference: Reuters
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