Gold eyes first weekly gain in four, soft dollar aids

Gold steadied on Friday after a sharp nearly 2 percent drop in the prior session, while a softer dollar kept bullion prices on track for their first weekly rise in four.

The dollar index is currently mired near a more than two-month low and is set to post its biggest weekly drop since late March amid uncertainty on the timing of a rate hike by the US Federal Reserve.

Spot gold edged down 0.1 percent to $1,182.90 an ounce by 0250 GMT. Prices were set for gains of around 0.3 percent for the week, the first weekly rise since early April.

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