Gold Prices Drop For Third Week As Dollar Gains; Fed Remarks Curb Safe

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Gold prices extended losses for the third consecutive week as a strong US dollar and cautious remarks from Federal Reserve officials weighed on investor sentiment, analysts said.

The sustained firmness in the dollar and a wait-and-watch approach from the US Federal Reserve have dampened demand for the safe-haven asset, keeping bullion prices in a narrow trading range through the holiday-shortened week, they added.

On the Multi Commodity Exchange (MCX), gold futures for December delivery slipped by Rs 165, or 0.14%, during the past week, to settle at Rs 1,21,067 per 10 grams on Friday.

The yellow metal largely hovered near Rs 1.21 lakh per 10-gram level, which is still about