Gold turned lower on Friday, ending a two-day bounce up from the lowest level in nearly six years, on the firm dollar and comments from a Federal Reserve policy maker who said the US central bank should “soon” be ready to raise interest rates.
Spot gold was down 0.5 per cent at $1,076.40 an ounce at 2:38 p.m. EST (1938 GMT), while US gold futures for December delivery settled down $1.60 an ounce at $1,076.30. The metal is set to end the week down a shade after prices jumped 1.1 per cent on Thursday.
The market had become over extended on the downside after falling to its lowest since February 2010 at $1,064.95 an ounce on Wednesday, analysts said. A suggestion in the minutes of the Fed’s last meeting that the bank would move cautiously on rates prompted the short covering.
Silver was down 0.7 per cent at $14.13 an ounce and platinum was down 0.4 per cent at $850 an ounce.
Palladium bucked the day’s trend and was up 3.2 per cent at $553.50 an ounce, bouncing up from Thursday’s nearly three-month low.
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