Gold Price Rebounds from Greenback Losses

New York (Dec 12)  Gold prices improved on Friday, countering earlier losses as the U.S. dollar fell, but was still on track for a seventh weekly decrease in eight as investors positioned themselves for a likely U.S. rate rise next week.

A rate increase at the U.S.  Federal Reserve's  policy meeting this coming Tuesday and Wednesday would be the first in nearly a decade and could dent demand for non-interest paying gold.

Spot gold was up 0.6% to  $1,077.66  U.S. an ounce. It was on track for a 1.2% decline for the week.

Technically, experts say, gold's outlook remains neutral between  $1,064  and  $1,084  U.S. per ounce, but a break below  $1,064  U.S. could take prices back to multi-year lows.

Surveys have indicated that investors have upped their bets that the gold price will soon drop to  $1,000  U.S. an ounce. .

Gold, on track for a third straight annual decline, has lost 9.5% of its value this year.

Among other precious metals, silver and platinum were also headed for a seventh weekly loss in eight weeks... silver sliding 1.5% at  $13.90  U.S. an ounce, while platinum fell 1.4% to  $837  U.S. an ounce.

Palladium rose 0.6% to  $542.63  U.S. an ounce, but was down more than 3% for the week.

Source: KitcoNews