Today Morning’s Gold News Posted By Join Our Service:-9760916659,8979570233

Gold dips on dollar advance, Fed’s rate-hike prospects.

Gold prices fell on Friday and were set for a weekly drop, as a firmer dollar and worries of more interest rate hikes by the U.S. Federal Reserve clouded the outlook for non-yielding bullion.

FUNDAMENTALS * Spot gold was down 0.3% at $1,832.42 per ounce, as of 0051 GMT. Bullion has fallen 1.7% this week. U.S. gold futures fell 0.6% to $1,841.00.

* The dollar index was up 0.1%. Gold competes with the dollar as a safe store of value, and gains in the currency also make bullion unattractive for overseas buyers.

* Two Fed officials said on Thursday the U.S. central bank likely should have lifted interest rates more than it did earlier this month, and warned that additional hikes in borrowing costs are essential to lower inflation back to desired levels.

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