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Home Gold News Gold rally cools amid Fed speculation, copper losses deepen

Gold rally cools amid Fed speculation, copper losses deepen

by anna

Gold prices edged lower from seven-week highs on Friday amid speculation over whether the Federal Reserve was close to ending its rate hike cycle, while copper sank further on concerns over major importer China.

The yellow metal marked strong gains on Tuesday after data showed U.S. retail sales grew less-than-expected in June, pointing to potentially less sticky consumer inflation.

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But strength in the dollar, which rebounded sharply from 15-month lows, kept bigger gains in gold prices limited. The greenback is expected to see increased bids ahead of a Federal Reserve meeting next week.

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Dovish signals from the European Central Bank and the Bank of England also boosted the appeal of the yellow metal, as did increased safe haven demand in the face of worsening economic growth in China.

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Spot gold fell 0.2% to $1,975.88 an ounce, while gold futures fell 0.1% to $1,979.35 an ounce by 00:08 ET (04:08 GMT).

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