Gold closes slightly lower but posts weekly gains

Gold prices fell slightly during today's trading, shedding its previous gains as US dollar rose against most major currencies, but the precious metal managed to notche weekly gains.

The dollar index rose by 0.3 percent to 97.1 points at 18:32 GMT, reaching a high of 97.1 points and a low of 96.7 points.

This comes despite comments by the member of the Open Market Committee, John Williams, in which he stressed the need of the central bank to move in order to face the slow growth of the US economy.

Analysts considered these and other comments as strong hints that indicates the central bank is moving towards cutting interest rates at this month's meeting.

In terms of trading, gold futures (August delivery) fell by 0.1% to close at $1426.70 per ounce, gaining 1% this week, with the day's highest at $1454.4 and the lowest at $1421.1.