Gold prices slid on Friday as the dollar rose, on course to a weekly loss, while investors remained focussed on whether the U.S. Federal Reserve would pause its tightening cycle after delivering one more rate hike next month.
Spot gold was down 1% at $1,984.89 per ounce, as of 0725 GMT, after rising 1% on Thursday. Bullion has lost about 0.9% so far this week, its biggest weekly decline since late February.Gold prices have been moderating in the absence of real incoming news flow and "we really need to see some bigger pieces of information to give it that directional conviction", said Ilya Spivak, head of global macro at Tastylive..
The Purchasing Managers' Index data due later in the day will be "an interesting window into what's going on, then another big break until we see the U.S. GDP and PCE numbers next week," Spivak said.Platinum fell 0.4% to $1,088.34 and palladium eased 0.1% to $1,585.83.
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