Bengaluru — Gold prices held steady on Friday, after hitting a six-month trough in the previous session, as the dollar pulled back from a 11-month peak on profit-booking. Spot gold was little changed at $1,267.38/oz, as of 3.04am GMT. In the previous session, the bullion touched $1,260.84, its lowest since December 19 2017. However, the metal was headed for a 0.9% decline for the week. A weaker greenback makes dollar-denominated gold cheaper for holders of other currencies. US gold futures for August delivery were 0.1% lower at $1,269.10/oz. Gold had rebounded a little bit from the lower side due to the weakness in the dollar, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. The dollar fell from an 11-month peak against a basket of major currencies as investors took profits, while sterling rebounded from a seven-month low after a slightly hawkish tilt from the Bank of England (BoE) surprised the market. The trade war was affecting gold for the time being. Unl...
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