Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Gold prices inched down on Friday to hit their lowest in nearly three weeks, with the dollar gaining against the euro after the European Central Bank extended its bond-buying programme.
Spot gold had dropped 0.1 per cent to $1,265.71 per ounce by 0656 GMT, after touching its lowest since Oct. 6 at $1264.45. It was heading for a weekly decline of about 1.0 per cent.
US gold futures for December delivery shed 0.2 per cent to $1,266.70, reports Reuters.
Spot gold may revisit its Oct. 6 low of $1,260.16 per ounce as it has broken a support zone of $1,271-$1,268, according to Reuters technical analyst Wang Tao.
Gold is likely to flatline for another year in 2018 as rising US interest rates clip momentum, while silver forecasts were cut again after the metal lagged forecasts in the third quarter, a Reuters poll showed.
Autocatalyst metal palladium will struggle to maintain its recent push to 16-year highs above $1,000 an ounce.
Silver prices shed 0.4 per cent to $16.68 per ounce, platinum dipped 0.5 per cent to $912.60, while palladium also slipped 0.5 per cent to $964.00.
All three metals were on track for weekly declines.