Gold prices posted a six-month low on Thursday, weighed down by a firm dollar and as the US Federal Reserve Chair kept its outlook for higher interest rates. Spot gold fell 0.4 percent to $1,262.88 an ounce by 0637 GMT. It hit its lowest since December 20 at $1,261.36 earlier, having lost about 3 percent over the last five sessions.
US gold futures for August delivery were down 0.8 percent at $1,264.50 per ounce. "Precious metal (gold) is firmly in a downtrend and this is mainly due to the strength in the dollar index which is trading at a significant level," said ThinkMarkets chief market analyst Naeem Aslam.
Gold prices, which can benefit in times of uncertainty, failed to gain so far this week, despite the ongoing trade war. Spot gold may drop to $1,258 per ounce, as a support at $1,268 does not seem to hold, said Reuters technicals analyst Wang Tao.
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