Spot gold may retrace to $1,327 - technicals
Platinum heading for first weekly gain in six
Palladium on track for first weekly gain in three (Updates prices)
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Platinum heading for first weekly gain in six
Palladium on track for first weekly gain in three (Updates prices)
Gold edged lower on Friday as the dollar recovered some of its early losses, but the bullion was still on track for its second successive weekly gain.Spot gold XAU= was slightly down 0.2 percent at $1,335.90 per ounce by 0724 GMT. The metal was set for a nearly 1 percent gain this week.U.S. gold futures GCcv1 were also slightly down at $1,340.60.
"Gold is going to follow the dollar so closely till the U.S. Federal Reserve meeting in September and could trade within a range of $1,335-$1,365," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
The metal has given up much of its strong gains from earlier this week, when weak U.S. jobs data led investors to bet that a September rate rise was no longer on the cards, weakening the dollar.Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which the metal is priced.The dollar index .DXY , which measures the greenback against a basket of currencies, was down 0.1 percent at 94.929, after touching a low of 94.803.
Gold prices have had ample of opportunity to sell-off, but there has been a lack of follow through selling. Conversely there has been regular dip buying," analysts at ScotiaMocatta said in a note.
"As such, we think Gold's bull market remains in force, but upside progress may be gradual. In turn, this means it may be more sustainable."Holdings of SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, fell 0.13 percent to 950.62 tonnes on Thursday. GOL/ETF
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