Gold dips as dollar firms; focus on Fed cues; Spot gold hits $1,744.83 per ounce
Gold dips as dollar firms; focus on Fed cues; Spot gold hits $1,744.83 per ounce
Spot gold fell 0.3% to $1,744.83 per ounce by 06:50 GMT. US gold futures GCv1 shed 0.5% to $1,746.20.
Bullion fell 1.2% last week, its worst since the one ending Oct. 14, despite scaling a peak since mid-August on Nov. 15.
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With no major economic news to drive sentiment in Asia, "traders are tentatively bullish on the dollar following hawkish comments from the US Federal Reserve members last week, which is weighing on gold," said City Index analyst Matt Simpson.
The dollar index rose, making gold less attractive for overseas buyers.
Gold could test the $1,735 and $1,729 support levels ahead of the minutes from the Fed's last meeting on Wednesday. There's potential for the dollar to continue higher, should they be more hawkish than expected ahead of US Thanksgiving (holidays) on Thursday, Simpson added.
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