London — Gold dipped on Monday, retreating from last week’s three-and-a-half month high, as the dollar clawed back some ground against the buoyant euro and traders bet on further US rate hikes in 2018 after Friday’s jobs data. Dollar weakness, which continued into early January after it posted its biggest drop since 2003 in 2017, had helped lift assets priced in the US currency, with gold posting a fourth straight weekly rise last week for the first time since April. Spot gold was down 0.1% at $1,318.31 an ounce at 10.35am GMT, while US gold futures for February delivery were down $2.70 an ounce at $1,319.60. "From my point of view this is just a correction, with the market back in full swing today," said Afshin Nabavi, head of trading at MKS. "I think it would be healthy to see a further correction before testing $1,325. "The US dollar is a touch firmer and the euro slightly lower," he added, saying he expected trading to be rangebound between $1,305 an $1,325. The dollar rose 0.3%...
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