Gold prices rose on Friday, but were headed for their first weekly fall in three as expectations for interest rate cuts began to fade following the hawkish tone adopted in the U.S. Federal Reserve's latest minutes.
Spot gold rose 0.54% to $2,340.90 per ounce, after earlier hitting its lowest since May 9.
While the policy response for now would "involve maintaining" interest rates at current levels, the latest Fed minutes reflected discussions of possible hikes.
Higher interest rates make non-yielding gold a less appealing investment.
Previous expectations were for a likely first rate cut in September.
Persons:
Ross Norman, Ricardo Evangelista
Organizations:
U.S, U.S . Federal, Federal, Traders
Locations:
U.S .