Gold Prices Fall

Gold prices dipped on Friday, weighed down by a firmer dollar, but some traders said signs pointed to a rebound. Spot gold was down 0.3% at $1,286.56 per ounce, after hitting its lowest since Dec. 27 in the previous session at $1,285.41, Reuters reported. The metal was heading for its biggest weekly decline since early December. US gold futures for June delivery fell 0.3% to $1,286 per ounce. “There are many drivers that are pointing to an upside in the precious metals, so we’re buying into this weakness,” said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan. The dollar index rose to a fresh five-month peak on Friday as the benchmark US Treasury yield hit the highest in nearly seven years. Spot gold is still targeting $1,302 per ounce as it has stabilized around a support at $1,287, Reuters technical analyst Wang Tao said. In other metals, silver shed 0.2% to $16.39 an ounce. Palladium fell 0.2% to $975.72, while platinum dropped 0.7% to $882.49 per ounce after hitting a five-month low at $879 on Thursday.