World Economy

Gold Ticks Up

Gold Ticks UpGold Ticks Up

Gold edged higher on Friday as Asian shares fell, adding to its biggest quarterly gain in nearly 30 years, though caution prevailed ahead of the US non-farm payrolls report, Reuters reported. Bullion has climbed 1.4% so far this week, its best such rise in four weeks, after Federal Reserve Chair Janet Yellen said that the US central bank should proceed only cautiously as it looks to raise interest rates. Gold is sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets, while boosting the dollar. Spot gold gained 0.1% to $1,233.30 an ounce following a 0.6% rise overnight.