Gold seen at $1,640-$1,700/oz until Oct: ScotiaMocatta

Global gold prices are likely to consolidate in the range of USD 1,640-USD1,700 an ounce until October, with an upside bias, Sunil Kashyap, managing director and head of Asia Pacific and Middle East at ScotiaMocatta, told reporters on Friday.

"Government policies will be the single largest factor affecting gold prices ... it will consolidate a little bit but pressure is on the upside," Kashyap said on the sidelines of an international gold convention here.

Spot gold was down 0.2% at USD 1,666.05 an ounce at 1104 GMT.

Gold prices eased on Friday as waning appetite for higher-risk assets and a firmer dollar prompted investors to cash in gains after a seven-session rally to 4-1/2 month highs, though they stayed on track for their biggest weekly rise since early June.