Gold edged lower early Friday as the dollar steadied due to weakness in commodity currencies after an extension of output curbs by OPEC and other producing nations left investors hoping for bigger cuts disappointed.


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FUNDAMENTALS:

Spot gold was down 0.2 per cent at $1,253.10 per ounce by 0110 GMT. The yellow metal was poised to dip 0.1 per cent for the week.

U.S. gold futures slipped 0.2 per cent to $1,254.2 an ounce.

The dollar index , which measures the greenback against a basket of six major rivals, last traded at 97.272.
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Oil prices tumbled 5 per cent on Thursday, leading to the biggest daily per centage slide in crude prices since early March.

OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

San Francisco Federal Reserve President John Williams said he is spending more time thinking about how fiscal policies under U.S. President Donald Trump could impact the economy, and so far he sees small short-term gains and little for the longer term.

Federal Reserve Governor Lael Brainard said on Thursday that a brighter global economy is posing less risk to the Fed’s outlook for the U.S.

The number of Americans filing for unemployment benefits rose slightly last week and the four-week moving average of claims hit a 44-year low, suggesting a further tightening of the labor market that could encourage the Federal Reserve to raise interest rates next month.

President Donald Trump’s son-in-law, Jared Kushner, a senior White House adviser, is under scrutiny by the Federal Bureau of Investigation in the Russia probe, the Washington Post and NBC News reported on Thursday.

China’s net gold imports via main conduit Hong Kong dropped 33.5 per cent in April from the previous month, data showed on Thursday, as high prices turned off buyers in the world’s top consumer of the precious metal.

The London Bullion Market Association (LBMA) is launching a code of conduct aimed at boosting confidence in the $5 trillion a year London gold market, it said on Thursday, following years of heightened regulatory scrutiny of the city’s financial sector.

Barrick Gold said on Thursday that two mines at its majority-held






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