Gold dropped more than 1% on Friday ?as the U.S. dollar ?regained footing, but was ?still on track to post its first monthly rise since February as investors pared back rate hike bets after the Federal Reserve meeting this week.
Spot gold slipped ?1% ?to $4,062.05 per ounce early Friday morning but was ?headed for a weekly rise of 0.5%. Prices were also up about 1.7% so far this month.
U.S. gold futures for August delivery dropped 1.1% to $4,059.70.
The dollar gained 0.3% after dropping about 2.4% on Thursday, in its biggest one-day drop since January ?2023. A stronger dollar makes bullion more expensive for holders of other currencies.
On Wednesday, the ?U.S. Federal Reserve left interest rates unchanged at its policy meeting, ?while U.S. central bank chief Kevin Warsh vowed to bring inflation down, leaving markets confused.
Traders are now pricing in a 63% chance of a rate hike in September, versus ?an over 80% chance a week before.
Related Stories
