Gold edges down on firmer dollar, U.S. rate-hike worries

Gold is considered a hedge against soaring inflation, but high interest rates increase the opportunity cost of holding non-yielding bullion. Data on Friday showed U.S. import prices dropped for a seventh straight month in January amid declining costs for energy products, leading to the smallest annual increase in imported inflation in two years.

Gold edges down on firmer dollar, U.S. rate-hike worries
Gold is considered a hedge against soaring inflation, but high interest rates increase the opportunity cost of holding non-yielding bullion. Data on Friday showed U.S. import prices dropped for a seventh straight month in January amid declining costs for energy products, leading to the smallest annual increase in imported inflation in two years.