Gold edges up as Brent eases, Mideast developments in focus ahead of Fed meet

Spot gold edged up 0.1 percent to $4,052.78 per ounce, recovering after falling about 2 percent in the previous session, with prices up 0.9 percent for the week supported by dip-buying. Brent crude oil prices fell over 4 percent after surging above $100 in the prior session on Houthi strikes on Saudi oil tankers in the Red Sea. Investors are now awaiting the US Federal Reserve policy meeting next week, where rates are largely expected to remain unchanged, though traders are pricing in about an 82 percent chance of a rate hike in September.