Gold Edges Up as Brent Crude Retreats from $100 Barrel

Gold prices edged up on Friday as Brent crude oil retreated from above $100 a barrel. The precious metal rose 0.1% to $4,052.78 per ounce by 4:10 p.m. EDT (2010 GMT), after falling about 2% in the previous session.

The gain was supported by dip-buying earlier in the week, and prices were up 0.9% for the week so far. U.S. gold futures for August delivery settled 0.5% higher at $4,070.80.

Tai Wong, an independent metals trader, said that gold feels ready to move back higher if a Fed clearly on hold next week would help. He noted that gold and silver are carving out a base around $3,950 and $55, respectively.