BULLION LATEST - Gold edges lower, investors move into cash ahead of weekend

By: Angela Sharda

London 11/01/2013 - Gold broke lower out of its earlier steady range on Friday afternoon in pre-weekend trading after US markets opened.

Spot gold was last at $1,662.10/1,662.95 per ounce, down $11.30 on Thursday’s close and near intraday lows below $1,660. It had earlier been trading in a narrow range around $1,670.

With the euro climbing once again - it was last at 1.3339 against the dollar, up around two thirds of a cent - but gold failing to react, investors may have moved money out of the yellow metal into cash ahead of the weekend, one analyst said. The move followed soon after the opening bell in the US at 14:30 GMT.

In other precious metals, platinum was last at $1,624.50-1,6291,622/1,632 per ounce, down $5.50 from yesterday’s close, palladium at $692.60/696 was down $4.40 and spot silver at $30.63/30.67 was down 18 cents.

(Editing by Mark Shaw)