Gold down

Reuters

Bengaluru

Gold remained volatile in Asian trade on Friday and was set for its first weekly decline in four, with investors continuing to mull over the economic outlook after Republican Donald Trump won this week´s U.S. presidential election.

Spot gold was up 0.2 percent at $1,262.20 an ounce at 0458 GMT. The metal fell to an over three-week low at $1,250.70 as well as rising to as much as $1,265.40 earlier in the session.  It was set to end the week down over 3 percent. U.S. gold futures were down 0.4 percent at $1,261.60 per ounce after falling as much as 1.3 percent to a four-week low of $1,250.40 earlier.

The dollar hovered near a 3-1/2-month high versus the yen on Friday, after making big gains overnight as the markets prepared for a Donald Trump presidency that could stimulate the U.S. economy fiscally and lift interest rates. 

"The stronger U.S. dollar and a more conciliatory tone from Trump continues to weigh on investor demand," ANZ analysts noted.