Gold prices improved on Friday, countering earlier losses as the U.S. dollar fell, but was still on track for a seventh weekly decrease in eight as investors positioned themselves for a likely U.S. rate rise next week.
A rate increase at the U.S. Federal Reserve's policy meeting this coming Tuesday and Wednesday would be the first in nearly a decade and could dent demand for non-interest paying gold.
Spot gold was up 0.6% to $1,077.66 U.S. an ounce. It was on track for a 1.2% decline for the week.
Technically, experts say, gold's outlook remains neutral between $1,064 and $1,084 U.S. per ounce, but a break below $1,064 U.S. could take prices back to multi-year lows.
Surveys have indicated that investors have upped their bets that the gold price will soon drop to $1,000 U.S. an ounce. .
Gold, on track for a third straight annual decline, has lost 9.5% of its value this year.
Among other precious metals, silver and platinum were also headed for a seventh weekly loss in eight weeks... silver sliding 1.5% at $13.90 U.S. an ounce, while platinum fell 1.4% to $837 U.S. an ounce.
Palladium rose 0.6% to $542.63 U.S. an ounce, but was down more than 3% for the week.
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