By Brijesh Patel
Gold prices fell on Friday, as the dollar firmed on uncertainty over further Federal Reserve rate cuts, although bullion was still on track for its third straight monthly gain.
Spot gold GOLD was down 0.5% at $4,004 per ounce, as of 0240 GMT. Bullion has gained 3.9% so far this month.
U.S. gold futures GOLD for December delivery were steady at $4,016.70 per ounce.
“The Fed Chairman did have his hawkish cap on this week which didn’t do gold any favours,” said KCM Trade Chief Market Analyst Tim Waterer.
“The prospect of a rate cut in December now looks like it could be much more of a toss-up than was previously thought, which has boosted the dollar while making things a bit more complicated for gold from a yield perspective.”
The dollar index DXY held near its highest level in three months against its rivals, making bullion more expensive for other currency holders.
On…
