Gold Feeling Resistance from $1200

Gold edged up on Friday from the previous day’s 2-1/2-week low, supported by a softer dollar and uncertainty over Greece’s debt talks, but remained under pressure from expectations U.S. interest rates might rise soon.

The prospect of higher rates, which would boost the opportunity cost of holding non-yielding gold while lifting the dollar, kept the metal on track for a second weekly drop.

Spot gold was up 0.3 percent at $1,190.70 an ounce, on track to close May up 0.6 pct, the second straight small monthly increase. U.S. gold futures for June delivery settled up $1.30 an ounce at $1,189.40.

CNBC

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