London: Gold fell yesterday and held on track for its first weekly loss of the year as persistent dollar strength prompted some traders to cash in on this week's rally to two-month highs.
The dollar was 0.1 percent up against a basket of currencies yesterday, hanging on to positive territory despite data showing US economic growth slowed more than expected in the fourth quarter.
That helped to pull gold further down from Tuesday's high of $1,219.59 an ounce and set it on track to end a four-week winning streak with a 2 percent weekly loss.
Spot gold was down 0.2 percent at $1,185.15 an ounce by 14:58 GMT, while US gold futures for February delivery were $4.80 an ounce lower at $1,185.00.
