Investing.com - Gold prices gained on Friday and is set to record its first weekly gain in four, while the dollar also traded higher although it is still hovering near two-month lows.
Gold futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.2% to $1,214.00 a troy ounce.
Investors looked ahead to the next Federal Reserve policy decision to be announced on Sept. 26.
Markets currently expect the Fed to hike rates by a quarter of a point, while fed fund futures price in an additional increase at the end of the year at more than an 80% probability.
Meanwhile, the U.S. U.S. dollar index, which tracks the greenback against a basket of six major currencies, was up 0.04% to 93.51. Despite today’s gain, the dollar struggled this week and dipped to 93.829 overnight, its lowest since July 9.
The fall in dollar this week came as safe-haven demand for the U.S. currency ebbed amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.
On Monday, the U.S. slapped tariffs of 10% on $200 billion in Chinese goods, before they rise to 25% by the end of 2018, rather than an outright 25%.
China retaliated by putting tariffs on $60 billion in U.S. goods. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy.
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