Singapore
Gold dipped towards its lowest level in nearly six years on Friday and was on track for a sixth straight weekly decline, weakened by a robust dollar and expectations of a US interest rate hike next month.
The dollar was trading near an eight-month high against a basket of major currencies, boosted by euro weakness and prospects of higher US rates. The Federal Reserve is widely expected to hike US rates for the first time in nearly a decade when it meets next in December. Investors believe higher rates could dent demand for non-yielding bullion, while boosting the dollar. "Once again, gold is unable to find a bid. Any small rally that we see is being sold into," said a Sydney-based precious metals trader. Buying out of top consumer China has been good but has been unable to support prices, the trader said.
Spot gold had fallen 0.4 percent to $1,067.35 an ounce by 0644 GMT, edging close to $1,064.95 reached last week, the metal's lowest since February 2010.