Gold falls from a 6-year high on profit-taking sales

UNITED STATES, WASHINGTON (VOP TODAY NEWS) — Gold prices fell more than 1 percent on Friday as the dollar rallied and investors took profit-taking after prices hit $ 1450 to hit their highest level in six years on signs that the US central bank could cut interest rates more quickly.

But the precious metal recorded a second week of gains with a 0.5 percent gain.

Spot gold fell 1.4 percent to $ 1425.51 an ounce at the end of the session after hitting its highest level since early May 2013 at $ 1452.60.

US gold futures fell 0.1 percent to settle at $ 1426.70 an ounce.

Gold prices have jumped about 3 percent in the past two days as expectations of a rate cut by the Federal Reserve are rising at its meeting at the end of the month.

The dollar rose 0.35 percent against a basket of currencies recovering from a sharp drop after senior Federal Reserve officials said on Thursday there was a need to accelerate economic stimulus, boosting bets that the US central bank will cut interest rates at its monetary policy meeting on July 30 and 31 July.

Among other precious metals, spot silver fell 0.8 percent to $ 16.19 an ounce after jumping to a one-year high but ending the week on gains.

Platinum fell 0.6 percent to $ 844 an ounce after hitting its highest level in two months, while palladium fell 1.3 percent to $ 1506.00 an ounce.

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