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RTTNews - The price of gold inched higher on Friday morning as the dollar saw slight weakness against its major rivals, adding to the value of the precious metal as a hedge investment.

Gold for August delivery moved to $936.20 per ounce, up $1.60 on the session. Prices were unable to break past $940 but remained above $930 throughout the day.

The metal lost $4.50 on a light week of trading. Investors remained on the sidelines awaiting the Federal Reserve's interest rate decision next week. Nonetheless, the weekly drop was the third in a row for the precious metal.

The dollar recovered most of an early slide that took it to a weekly low against the euro. The greenback also remained close to its unchanged levels against the sterling and yen.

There was no major economic news expected on Friday and Monday's calendar is light as well. Things heat up later next week, though, with gross domestic product data on Thursday joining Wednesday's rate decision as the top news of the week.

In other metal trading, copper gained 2.15 cents to $2.2505 a pound and silver fell 4 cents to $14.20 an ounce.

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