Gold Price Dips As Dollar Holds Near 10-week High

London (Oct 29)  Gold prices dipped slightly on Monday as the dollar rose against a basket of currencies amid diminishing risk appetite globally on worries over corporate earnings, geopolitical uncertainty and slowing global growth.

Spot gold was down 0.18% at USD1,230.32 an ounce after hitting as high as USD1,243.32 on Friday, the highest level since July 17. US gold futures were marginally lower at USD1,232.10 an ounce.

The dollar index edged up slightly after hitting as high as 96.86 on Friday, its highest level since Aug. 15 amid rising trade tensions between the US and China, and expectations of a steady pace of interest-rate increases by the Federal Reserve.

US GDP growth slowed to an annual 3.5% in the third quarter, the Commerce Dept.

AllianceNews