Dollar’s strength sets gold on its longest losing streak since Nov

BENGALURU: Gold prices slipped for a fifth consecutive session on Friday, in its longest losing run since November last year, as the bullion’s appeal waned with a stronger dollar and more US interest rate hikes on the horizon.

Spot gold dropped 0.6% to $1,748.58 per ounce by 1:47 p.m. ET (1747 GMT), having hit its lowest since July 28 earlier in the session. US gold futures settled down 0.5% at $1,762.9.

After posting gains in the previous four weeks, prices are down 2.9% so far this week, the most since the week of July 8.

The dollar index surged and was on track for a weekly gain. Stronger dollar makes gold less attractive for overseas buyers.

The Fed needs to keep raising rates to bring high inflation under control, a string of US central bank officials said on Thursday, even as they debated how fast and how high to lift them.