· Gold fell on Friday, inching towards the previous session’s six-week low as the dollar strengthened, with prices set for their biggest monthly fall this year.
Spot gold declined 0.2 percent to $1,284.28 per ounce at 0434 GMT, on track to register a 2.8 percent decline in September, the largest monthly fall so far in 2017 and the biggest monthly drop since November.
However, it was set to end the quarter up around 3.5 percent after prices rose in July and August.
U.S. gold futures fell 0.1 percent to $1,287.70 per ounce.
· The dollar rose against a basket of major currencies on Friday. The greenback pulled back from a one-month high reached earlier on Thursday as investors this week were supportive of the Trump administration’s tax plan and the outlook for Federal Reserve policy.
· Gold is mostly being influenced by the dollar’s movements in an otherwise quiet session, said Yuichi Ikemizu at ICBC Standard Bank in Tokyo.
· “As long as nothing happens on the North Korea front, I guess we’ll have a pretty quiet Friday,” Ikemizu said.
Russian and North Korean officials will meet in Moscow on Friday to discuss the North Korea crisis.
· “(Gold) will likely continue to struggle in the short term against a backdrop of higher interest rates, particularly in the U.S. and possibly in the U.K. and Europe,” said INTL FCStone analyst Edward Meir.
Meanwhile, silver edged 0.2 percent lower to $16.80 per ounce and was on track to decline 4.4 percent for the month but is set to gain 1.4 percent for the quarter.
Reference: Reuters
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