Gold prices recovered on Friday after falling to a one-month low in the previous session, though a stronger dollar set the metal for a weekly decline as investors waited for the key to next week.">US Federal Reserve policy meeting.
Spot gold was up 0.3% at $1,758.10 an ounce by 0329 GMT, while US gold futures were up 0.2% to $1,759.50. The precious metal is down 1.6% this week.
“While support at $1,750 has remained so far, with some speculative short-covering lifting prices, the bounce looks weak and gold faces another test of $1,750 as the dollar stabilizes,” it said. . Jeffrey Haley, a senior market analyst for Asia Pacific at OANDA.
The dollar neared a nearly three-week peak on Friday, raising the cost of gold for buyers holding other currencies.
“If $1,750 is broken, gold could target the $1,715 area, with potential long-term support near $1,675,” Halley said.
Bullion slipped 2.7% on Thursday as the dollar index jumped after an unexpected jump in US retail sales last month, raising hopes federal Reserve Could potentially reduce its excitement too soon.
The two-day policy meeting of the Federal Open Market Committee is scheduled for September 21-22.
A lower central bank incentive increases bond yields, increasing the opportunity cost of holding non-interest bearing gold. It also helps boost the dollar, putting more weight on the bullion.
Fitch Solutions It had a neutral outlook on gold for the coming months with the precious metal easing in 2022, a note said.
“NS irrigated“Monetary policy normalization, a strong global economic growth outlook and a temporary strengthening of the US dollar should restrain gold prices,” Fitch said.
Silver fell 0.1% to $22.91 an ounce after hitting a more than a month low on Thursday.
Platinum rose 0.9% to $941.31, while palladium fell 1.8% to $1,997.08.