Gold dips after 7-day rally but set for second weekly gain

gold-bars1Gold eased on Friday as traders booked profits after a seven-day rally and as the dollar rebounded on strong US data, but the metal still looked set to post its second straight weekly gain on expectations US interest rates will stay low for longer.

Tensions in the Middle East after Saudi Arabia and its allies launched air strikes in Yemen provided some support to gold, typically seen as a safe-haven asset.

Spot gold eased 0.3 percent to $1,199.95 an ounce by 0755 GMT. The metal jumped on Thursday to $1,219.40 – its highest since March 2 – in a knee-jerk reaction to the attacks in Yemen. It later pared gains to close near $1,200.

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