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Gold extends gain as dollar slips

May 05, 2018 00:00:00

BENGALURU, May 04 (Reuters): Gold prices rose for a third straight session on Friday as the dollar slipped further from 2018 highs, while investors turned their focus to the upcoming US jobs data for fresh catalysts.

Spot gold had risen by 0.2 per cent to $1,313.46 per ounce by 0405 GMT, but was headed for a third consecutive weekly decline.

US gold futures for June delivery rose 0.1 per cent to $1,313.90 per ounce.

The dollar eased after Thursday's profit-taking and that helped gold find some support, a Hong Kong-based trader said.

"People are finding some comfort in buying at these levels heading into the weekend with potential risk of these Chinese talks maybe collapsing," he said.

The dollar index was about 0.1 per cent lower at 92.367, moving further away from a 2018 peak of 92.834 hit on Wednesday. Asian shares stepped back as financial markets turned their attention to the US payrolls data due later in the day.

"(Gold) Prices seem to be really slow waiting for the nonfarm payroll data," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. The US payrolls report for April is likely to underscore the strength in labour market.

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