Gold prices fell to their lowest in over a year on Friday amid a resilient U.S. dollar and were headed for a fourth straight weekly loss.
Spot gold was down 0.1% at $1,206.05 U.S. an ounce, after earlier dropping to the lowest since July 2017 at $1,204.91. For the week, the precious metal was down about 1.4%
U.S. gold futures were 0.5% lower at $1,214.10 an ounce on Friday.
The greenback climbed to a two-week high against a basket of major currencies and scaled a 14-month peak versus the Chinese yuan as worries about an escalation in trade tensions between the United States and China supported the U.S. currency.
The currency was also supported by strong U.S. economic data and outlook for higher interest rates. Higher U.S. rates tend to boost the greenback, in which the metal is priced.
Some experts have opined that spot gold may break a support at $1,206 U.S. per ounce and fall more towards the next support at $1,194, as it has resumed its downtrend from $1,309.30
Among other precious metals, silver fell about 0.2% to $15.27 U.S. an ounce and was on track for an eighth straight weekly decline, its longest weekly losing streak since at least late 2000.
Platinum was unchanged at $821.80 U.S. an ounce while palladium rose 0.2% at $912.97 U.S. an ounce. Both the metals were, however, headed for weekly losses.
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