Gold Prices Slip But Remain on Track for Monthly Gain Amid Rate Outlook Uncertainty

Gold prices slipped on Friday but remained on track to end its four-month losing streak, with July prices up 1.7%.

The metal fell by 0.6% to $4,076.53 per ounce as of 0253 GMT, but was headed for a weekly gain of 0.6% and a monthly increase of 1.7%.

Analysts attributed the decline to profit taking and a moderate bounce in the US dollar following the metal's gains on Thursday.

Despite this, gold has found support around the $4,000 level, attracting buyers on dips, said Tim Waterer, chief market analyst at KCM Trade.

The US Federal Reserve left interest rates unchanged at its policy meeting on Wednesday, with markets now pricing in a 63% chance of a rate hike in September.