Gold Price Slips Amid Dollar Gains

Gold prices dropped by over 1% on Friday as the US dollar regained its footing after the Federal Reserve's meeting this week.

The spot gold price slipped to $4,055.41 per ounce at 1050 GMT, down from Thursday's level.

This comes despite gold being on track to post its first monthly rise since February, with prices up by about 1.7% so far this month.

Independent analyst Ross Norman stated that 'gold struggles to regain meaningful momentum and remains in the corrective phase of a broader structural bull market.'

The dollar index rose by 0.3% after dropping about 2.4% on Thursday, its biggest one-day drop since January 2023.

A stronger US dollar makes gold more expensive for holders of other currencies.