Gold edged slightly lower overnight on Friday, opening the day at 1267.75/1268.75. After the open, the metal touched a low of 1266.50/1267.50 before rising to a high of 1270.25/1271.25 as the dollar index fell to a weekly low.
U.S. inflation data will be in focus this week with the Federal Reserve having already flagged four interest rate hikes this year. The Fed’s preferred inflation measure; the core PCE price index is due on Friday.
The rupee settled at 68.01 to a dollar, its lowest since May 24, and against 67.62 at previous close. The currency fell to day's low of 68.03 but trimmed some losses after state-run banks and a private lender sold dollars,
Gold moved lower overnight on friday, opening the day at 1297.25/1298.25. After the open, gold tumbled to its lowest level this calendar year at 1275.00/1276.00 amidst a sharp selloff as the dollar hovered near its 7-month high.