Gold prices dip

Reuters

Bengaluru

Gold prices dipped on Friday and were set for the first weekly loss since May as Asian shares surged to a nine-month high and the dollar hit a three-week top against the yen on better-than-expected Chinese data, lifting risk sentiment across the board.

Asian shares were on track for a solid weekly rise as economic data from China boosted risk appetite that was already buoyant after record highs on Wall Street.

The dollar was on track to gain more than 5 percent for the week against its Japanese counterpart.

Spot gold eased 0.2 percent to $1,332.70 per ounce by 0700 GMT.  Bullion closed about 0.6 percent lower on Thursday after hitting its lowest since June 30 earlier in the session.

The metal has fallen about 2.5 percent so far this week and is on track for its first weekly decline since the week ending May 27. U.S. gold inched up 0.1 percent to $1,333.30 an ounce.