Gold wavers after plumbing 3-1/2 month low

Gold prices wavered today after hitting a 3-1/2 month low due to light trading as investors are off for the Memorial Day holiday in America. 

Gold last traded at $1,208.0 an ounce, compared to the opening price of $1,207.0, with an intraday high at $1,210.8, and a 3-1/2 month trough at $1,199.7. 

Gold's ongoing decline indicates weakening demand on the precious metal as a safe haven, which limits the gold's rise, especially after strong U.S. growth data raised bet on a rate hike soon. 

The dollar rose to eight-week highs today after logging four straight week of wins, before backing off slightly due to light trading volumes, causing gold prices to dither as well.

The dollar index, which gauges the greenback's performance against a basket of six major rivals, last traded at 95.71, down from the opening of 95.83, with a session-low at 95.66, and an eight-week peak at 95.96, after the index registered its fourth consecutive weekly profit.