NEW YORK: Gold prices dipped more than 2% on Friday, as the dollar gained and profit taking kicked in following bullion’s all-time peak hit earlier this week, which was fuelled by rising expectations of US interest rate cuts in September.
Spot gold was down 1.9% at $2,399.13 per ounce by 1709 GMT. Bullion hit an all-time high of $2,483.60 on Wednesday. US gold futures fell about 2.2% to $2,401.30. The US dollar rose 0.2% against its rivals, while benchmark 10-year Treasury yields also rose, putting pressure on bullion.
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