Gold price rally falters on dollar pick-up, profit-taking

The gold price was trading marginally lower on Friday – its rally ran out of steam ahead of the weekend when traders took profits.

Spot gold was last at $1,335.25/1,335.55 per ounce, down $1.60 on Thursday’s close. It had previously found support from dollar weakness after the US Federal Reserve kept interest rates unchanged.

Having fallen to one-week lows, the dollar index was marginally higher at 95.48.

“We attribute the price slide to profit-taking by short-term-oriented speculative financial investors given that gold had surged by nearly $40 in the space of just two days,” Commerzbank noted.

In data today, the EU flash manufacturing PMI at 52.6 was better than expected but the flash services PMI undershot at 52.1. Later, the US will release its flash manufacturing PMI.

In the other precious metals, silver was last at $19.790/19.810 per ounce, down slightly on the previous close of $19.850. Platinum was $4 higher at $1,054/1,059 and palladium rose $2 to $690/697.

(Editing by Mark Shaw)

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