Gold rose for the first time in four sessions on Friday, yet was on track for a weekly loss, as Asian shares eased from four-month high and the dollar halted its rebound.
The precious metal hit a high of $1231.88 an ounce, while currently trading around $1229.80 from the opening at $1226.65.
Asian shares eased from four-month high on Friday after the release of lackluster data showing the world’s second biggest economy grew at the slowest pace in seven years in the first quarter.
The Chinese economy expanded 6.7 percent in the first three months of 2016, the slowest since 2009, from 6.8 percent the previous three months.
The Shanghai Composite Index dipped 0.14 percent to 3,078.12 points, while Hong Kong Hang Seng index lost 0.10 percent to 21,316.47.
The dollar index, which tracks the green currency’s movements versus a basket of major currencies, stood at 94.88 after hitting a peak of 95.20 the previous session.
The dollar found some ground this week as it rose for a third straight session on Thursday, rebounding from a low of 93.61 hit on Tuesday.
Atlanta Federal Reserve Bank President Dennis Lockhart said on Thursday he does not predict a rise in the borrowing cost this month, but still sees a chance of two to three rate hikes this year.
Many analysts believe the Fed would raise interest rates twice this year, where the first will probably occur in June.
“Assets in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to 806.82 tonnes on Thursday, the lowest in a month,” according to Reuters.
The rally in equities and rise in dollar will probably prompt gold to post its first weekly loss in three this week.
Later in the day, officials from the International Monetary Fund and World Bank will meet with G20 finance officials in Washington.
