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UPDATE 5-Gold edges lower on weaker oil, firmer dollar

Fri Jul 25, 2008 8:12pm IST
 
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* Gold drifts lower on weaker oil, firmer dollar

* Dollar gains after stronger-than-expected U.S. data

* Platinum off six-month low

(Recasts, adds comment, updates prices)

By Raissa Kasolowsky

LONDON, July 25 (Reuters) - Gold was softer on Friday, coming under pressure from weaker oil prices and a stronger dollar after better-than-expected economic data from the United States.

Spot gold <XAU=> was down at $919.70/920.70 an ounce at 1419 GMT from $923.00/924.00 late in New York on Thursday.

"Gold is still taking its lead from the external drivers of currency movements and oil price movements," said Suki Cooper, analyst at Barclays Capital.

The dollar rose against the yen on Friday after a government report showing an unexpected rise in durable goods orders and a stronger-than-expected U.S. consumer sentiment reading for July eased worries over the U.S. economy. [ID:nN25483140]  Continued...

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Symbol Bid Ask
BRENT CRUDE $0.00 $0.00
MINI GOLD $800.50 $810.00
MINI SILVER $12.11 $12.27