Gold prices slipped modestly on Friday but remained on course for their first monthly gain in five months. Spot gold was around US$4,076 an ounce and was still up around 1.7% for July. Investors continue to find support in gold from geopolitical uncertainty and bargain buying around the US$4,000 level.
The latest movement also comes after the US Federal Reserve kept interest rates unchanged and gave limited guidance on its next policy move. A stronger dollar and expectations of higher US rates have placed some pressure on bullion, but ongoing tensions in the Middle East continue to provide a counterbalance. Silver and other precious metals also remained volatile as traders assessed the competing effects of monetary policy and geopolitical risk.
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