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Last Updated : Nov 09, 2018 08:07 AM IST | Source: Reuters

Gold edges down as Fed's interest rate view strengthens dollar

Gold was down about 0.9 percent for the week and on track to post its biggest weekly fall since August.

Gold prices inched lower on Friday as the dollar firmed after the US Federal Reserve kept interest rates steady with a fourth hike for this year expected next month.


Spot gold was down 0.1 percent at $1,221.78 per ounce at 0124 GMT. Prices fell to their lowest in a week at $1,219.59 in the previous session.

Gold was down about 0.9 percent for the week and on track to post its biggest weekly fall since August.

US gold futures was down 0.2 percent to $1,223 per ounce.

Asian stocks dipped on Friday as Wall Street took a breather after the Fed kept intact its plans to continue raising interest rates at a gradual pace, while the dollar gained against its major peers.

The Fed's statement on Thursday overall reflected little change in its outlook for the economy since its last policy meeting in September. Inflation remained near its 2 percent target, unemployment fell, and risks to the economic outlook were still felt to be "roughly balanced."

China wants to resolve problems with the United States through talks but it must respect China's choice of development path and interests, President Xi Jinping said on Thursday ahead of a meeting with the US leader in Argentina.

China reported much stronger-than-expected exports for October as shippers rushed goods to the US, its biggest trading partner, racing to beat higher tariff rates due to kick in at the start of next year.

Canada is pushing back against US attempts to change the text of their September trade pact and the issue may have to be referred to ministers to settle, a Canadian source with direct knowledge of the matter said on Thursday.

The euro zone economy will continue expanding but risks ranging from trade tensions to high asset prices are growing, European Central Bank President Mario Draghi told Irish lawmakers on Thursday.

South Africa's total mining output fell 1.8 percent year-on-year in September compared with the consensus figure which forecast it rising 0.30 percent, Statistics South Africa said on Thursday.

First Published on Nov 9, 2018 08:04 am
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