The gold price was under pressure during Friday’s sessions as a stronger dollar weighed on prices.
Spot gold was last at $1,084.80 per ounce, a $3.20 loss on the previous day’s close.
“The precious metals remain washed-out, rebounds continue to be sold into, which is keeping the upside capped, while support levels are in danger of being eroded further. The stronger dollar and prospects of a US interest rate rise are the headwinds and lack of investor fear in other markets and their confidence in the financial system means gold remains out of favour with investors,” Fastmarkets analyst William Adams said.
The dollar was last at $1.0954 against the euro after a neutral tone to the US FOMC meeting earlier this week.
“The Fed suggested again a first rate rise might happen in September and highlighted that job market gains continue to remain a focal point. Thus, the two interim payroll reports till September will likely have great influence whether commodities will be able to stabilise,” Commerzbank noted.
In today’s data, the EU will release CPI flash estimate and core CPI flash estimate, alongside its unemployment rate. The US has revised UoM consumer sentiment and revised UoM inflation expectations.
Silver at $14.66 /14.71 was down marginally on the previous $14.72. Platinum at $983/988 was $3 lower, while palladium at $618/622 fell $1.
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