Gold price down on Friday in London

Bengaluru-India (Mar 4)  Gold edged down on Friday after falling more than one percent in the previous session, and was on track for its first weekly decline since late January on expectations of a U.S. rate hike in March.

Spot gold dropped 0.2 percent to $1,232.81 per ounce at 0309 GMT.

The metal had its worst session since Dec. 15 on Thursday, when it fell 1.1 percent to touch a more than one-week low at $1,230.58.

U.S. gold futures rose 0.2 percent to $1,234.90. Increasing chances of a rate hike should keep a lid on any gold rallies leading into the March meeting, MKS PAMP Group trader Sam Laughlin said.

"With (U.S. Federal Reserve) President Janet Yellen on the wires tonight, we look to see further weakness across the precious complex should she, as expected, promote the potential for an interest rate increase in March," Laughlin said.

Source: TheNews