Gold dips as investors lock in profits, but is expected to bounce back next week
London — Gold prices dipped on Friday as some investors locked in profits at the end of the week, but there are expectations that the market could advance towards $1,300 next week. "I think gold will move back towards $1,300 next week or the week after, maybe on the back of dollar weakness," Georgette Boele, commodity strategist at ABN AMRO in Amsterdam, said. "There are still some longs in the market, so there’s more technical momentum as they try to push prices up again to see what happens in the last weeks of the year." Spot gold was down 0.3% at $1,287.21 an ounce by 11.15am GMT. Bullion was down about 0.4% for the week. US gold futures for December delivery dipped 0.4% to $1,287.40. Boele said gold was supported by the release of the US Federal Reserve’s minutes on Wednesday, regarded as "dovish" and which lowered market expectations slightly of a March rate hike. A December rate hike has already been priced in. "Investor appetite [for gold] is low even after slightly more dovi...
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