Gold Prices Slip as US Dollar Regains Footing Amid Rate Hike Bets

Gold prices slipped by over 1% on Friday as the US dollar regained its footing after a recent sell-off. This drop in gold prices comes despite the fact that gold is still poised to post its first monthly rise since February, with investors paring back rate hike bets following the Federal Reserve meeting earlier this week.

The spot price of gold fell by 1.1% to $4,055.41 per ounce as of 10:50 GMT on Friday. However, it is still up around 0.5% for the week and has risen by about 1.7% so far this month.

An independent analyst, Ross Norman, noted that gold 'struggles to regain meaningful momentum and remains in the corrective phase of a broader structural bull market.' He attributed the drop in gold prices to the dollar's modest recovery above the key 100 level following its post-FOMC sell-off.