LONDON — Spot gold stood at $932,65 at noon, up from $928,65 late in New York. Earlier it rose to $933,50. After a week of tracking a volatile dollar, gold is on track for a 0,6% fall on the week — retreating further from a four-month high near $990 hit in early June. The precious metal found support above $931 after falling on Thursday, when weaker-than-expected US non-farm payroll data sent investors piling into the relative safety of the dollar. Dollar moves have recently proved influential in determining immediate interest for bullion from foreign investors, but the bleak jobs data and other mixed economic indicators have highlighted gold’s core appeal as a harbour from risk. The US currency lost some ground against a basket of six currencies but remained broadly positive on Friday, with US financial markets closed ahead of Independence Day. “Gold found a bit of support overnight out of Asia on these dips, but effectively, it’s gone sideways,” said Tom Kendall, an analyst at Mitsubishi. “Today it’s been fairly soggy trade,” he added. Bearish sentiment in the wake of weak unemployment data from the US and Europe on Thursday weighed on other commodities, dragging crude below $67 per barrel. Analysts said a combination of persistent worries — from quantitative easing to Chinese remarks about currency reserve diversification — would keep the dollar under pressure and provide a backbone of support for gold in months ahead. “Part of the reason gold’s retreat was tempered really has to do with the limited upside to which the dollar is gaining,” said Ashraf Laidi, an analyst at CMC markets. “This is partially due to worries about quantitative easing and these Chinese rumblings about diversification,” he added. US gold futures for August delivery rose 0,2% to $933,10 per ounce, compared with $931,00 on the COMEX division of the New York Mercantile Exchange. While investor interest in gold appeared stable, physical demand was lagging. The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings were 1120,55 tons as of July 2, unchanged from the previous business day. Holdings in gold by ETF Securities, which reflect retail appetite for bullion, dropped by 12543,53 ounces as of July 2, according to a daily report from the company. Indian data showed the country’s gold imports stood at about 59,8 tons in the first six months this year, down 57% from the same period last year. India’s gold imports in June were likely around 8 to 10 tons, down 24 tons from the same month a year ago, a senior official from Bombay Bullion Association said this week. In other precious metals, spot silver inched up to $13,43 per troy ounce versus $13,38 previously, platinum firmed to $1182,00, while palladium stood at $248,50 from $249,00.

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