New York/London : Gold prices dipped on Friday and were set for their biggest weekly fall in three weeks on pressure from a stronger U.S. dollar and expectations that the U.S. Federal Reserve will raise interest rates next week for the first time this year.
Losses were limited by political tumult in the United States which fueled safe-haven demand for bullion.
A Fed rate hike generally lifts bond yields, making non-yielding bullion less attractive.
Higher U.S. interest rates also tend to strengthen the dollar, making gold more expensive for users of other currencies.
Spot gold dipped 0.3 percent, trading at $1,312.36 per ounce. It was on track to end the week down 0.8 percent.
U.S. gold futures for April delivery settled down $5.50, or 0.4 percent, at $1,312.30 per ounce. Gold has tended in recent years to fall before U.S. interest rate hikes and rally afterwards.
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