NEW YORK (CBBC) - Gold
regained some ground on Friday after a drop of nearly 3% in the last session, but a firm dollar kept bullion on course for a weekly decline with the focus still on an upcoming U.S. Federal Reserve meeting.
Spot gold rose 0.7% to $1,765.73 per ounce by 0925 GMT, while U.S. gold futures gained 0.6% to $1,766.30.
Bullion slipped nearly 3% on Thursday after an unexpected increase in U.S. retail sales raised expectations that the Fed may reduce its stimulus sooner, which also drove a rally in the dollar.
The dollar held close to a near three-week peak on Friday, increasing gold’s cost for buyers holding other currencies, and putting bullion on course for a 1.2% decline this week.