The price of gold recovered on Friday after sliding to the lowest level for a month in the previous session, even though the company dollar sets metals on track for weekly decline because investors await the US Federal Reserve policy meeting next week.
Spot Gold rose 0.3% to $ 1,758.10 an ounce at 0329 GMT, while A.S.
Gold futures rose 0.2% to $ 1,759.50.
Precious metals have declined 1.6% this week.
“While support at $ 1,750 has so far been held, with some price of a little speculative short lifting, the bounce looks anemic and gold facing another test of $ 1750 because the dollar remains tight,” said Jeffrey Halley, a senior market analyst for the Asia Pacific in Oanda.
The dollar was held close to the peak of three weeks near Friday, increasing the cost of gold for buyers who held other currencies.
“If $ 1,750 breaks, gold can target an area of $ 1,715, and potentially long-term support of around $ 1,675,” Halley added.
Bullion slipped as much as 2.7% on Thursday, because the dollar index surged after an unexpected increase in retail sales A.S.
Last month raising hopes of the Federal Reserve could potentially reduce its stimuli faster.
The two-day field of the two-day committee of the Federal Open Market Committee will be held on September 21-22.
Reducing the central bank stimulus tends to lift bond yields, which increase the cost of holding non-flower gold.
It also helps increase the dollar, weighs more restrictions.
Solution Fitch said in the note it has a neutral view of gold for the coming months with precious metal easing in 2022.
“Fed’s normalization of monetary policy, the prospect of strong global economic growth and strengthening while the US dollar must put the lid at the price of gold,” Fitch said.
Silver fell 0.1% to $ 22.91 per ounce, after hitting the lowest in more than a month on Thursday.
Platinum rose 0.9% to $ 941.31, while the palladium dipped 1.8% to $ 1,997.08.
Higher gold inches; Set for weekly losses because the dollar holds the company
