Gold faces fourth weekly loss as burgeoning dollar saps appeal

GOLD prices held ground near a three-month low on Friday as the strongest dollar in two decades continued to sap demand for greenback-priced bullion, setting up what could be the metal’s fourth consecutive weekly fall. In choppy price action, spot gold was flat at US$1,823.25 per ounce, as of 0244 GMT, hovering near its lowest level since Feb 7 hit earlier in the session. US gold futures edged down 0.1 per cent to US$1,823.00. “The fall through support by gold at US$1,835.00, and the sell-off in other precious metals overnight, leave gold vulnerable to deeper losses and a potential test of support at US$1,780.00 an ounce,” Oanda senior analyst Jeffrey Halley said. REUTERS