Gold slips as US dollar regains footing; heads for first monthly gain in five
GLD•Gold eases as dollar recovers
Gold dropped more than 1% on Friday as the U.S. dollar regained footing, but was still on track to post its first monthly rise since February as investors pared back rate hike bets after the Federal Reserve meeting this week.
Spot gold XAU= slipped 1% to $4,062.05 per ounce by 0857 GMT but was headed for a weekly rise of 0.5%. Prices were also up about 1.7% so far this month.
U.S. gold futures GCcv1 for August delivery dropped 1.1% to $4,059.70.
Other precious metals also decline
Among other metals, spot silver XAG= fell 1.4% to $58.14 per ounce.
Platinum XPT= slid 1.7% to $1,632.63, and palladium XPD= dropped 1.3% to $1,287.75, although both metals were headed for a monthly gain.
Dollar rebound and Fed expectations weigh on bullion
"Gold struggles to regain meaningful momentum and remains in the corrective phase of a broader structural bull market," independent analyst Ross Norman said.
"The dollar index has staged a modest recovery back above the key 100 level following its sharp post-FOMC sell-off, taking some of the shine off gold today."
