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Gold prices slip as US$ rebounds

Gold prices slipped on Friday as the dollar rebounded to its highest in more than a week after positive weekly U.S. jobs data renewed uncertainty over whether the Federal Reserve will stop raising interest rates after an expected increase next week.

Spot gold slipped 0.4% to $1,962.69 per ounce by 1119 GMT, but was set for a 0.4% rise this week. U.S. gold futures dropped 0.3% to $1,965.

The U.S. central bank is widely expected to raise rates by 25 basis points on July 26, and expectations the increase would be its last had driven gold to its highest in about two months on Thursday and set it on track for a third weekly rise.

“If the Fed lends credence to market expectations for no further rate hikes after this month, that may help bullion bulls reclaim the $2,000 handle,” Exinity Chief Market Analyst Han Tan said.

Source Reuters

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