NEW YORK: Gold prices retreated on Friday as the US dollar regained some ground, but expectations of less aggressive interest rate hikes from the Federal Reserve set bullion up for a small weekly gain. Spot gold was down 0.2% at $1,751.49 per ounce by 1201 GMT, coming off a one-week high hit earlier in the session.
Bullion was up 0.1% for the week so far. US gold futures rose 0.4% to $1,752.10. The dollar firmed 0.2%, making greenback-priced gold more expensive for overseas buyers. The currency was headed for a weekly loss, however.
Minutes from the Fed’s November meeting have potentially given gold an extra kick higher, enabling it to really push on from here if the data does allow for it, said Craig Erlam, senior market analyst at OANDA.
Gold seems to have stabilized somewhere in this recent range that it has established between $1,730 and $1,780, Erlam added.