Gold prices dipped slightly on Monday as the dollar rose against a basket of currencies amid diminishing risk appetite globally on worries over corporate earnings, geopolitical uncertainty and slowing global growth.
Spot gold was down 0.18 percent at $1,230.32 an ounce after hitting as high as $1,243.32 on Friday, the highest level since July 17. U.S. gold futures were marginally lower at $1,232.10 an ounce.
The dollar index edged up slightly after hitting as high as 96.86 on Friday, its highest level since Aug. 15 amid rising trade tensions between the U.S. and China, and expectations of a steady pace of interest-rate increases by the Federal Reserve.
U.S. GDP growth slowed to an annual 3.5 percent in the third quarter, the Commerce Department said on Friday, after 4.2 percent gain in the April-July quarter. The increase came in line with expectations and marked the strongest since the fourth quarter of 2014.
Asian stock markets ended mixed today after steep declines in China, while European stocks are trading higher amid relief that Italy dodged a ratings downgrade. U.S. stock futures point to a higher open.
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