Gold dips on rallying dollar; eyes fifth weekly fall
Gold prices dipped in Asia on Friday, languishing near a one- year low, weighed down by a rally in the U.S. dollar amid heightened global political tensions.
Spot gold shed 0.5 percent to $1,206.29 an ounce at 0618 GMT, hovering close to its one-year low of $1,204 hit last week.
The metal was also on track to post a fifth weekly decline.
U.S. gold futures were 0.5 percent lower at $1,213.4 an ounce.
"The strong dollar is effecting the price of gold. Despite heightened geopolitical tensions, gold bears are still in control of the price and pushing the bulls out of their boundary," said Naeem Aslam,.
The U.S. dollar, in which gold is priced, on Friday extended gains to hit a 13-month high against a basket of peers as European currencies such as the pound and euro continued to lose traction.
Meanwhile, fresh U.S. sanctions against Moscow saw Russia's rouble near a two-year low, while the Turkish lira plumbed a record low in the wake of a diplomatic rift with the United States.
Gold prices, which can gain during times of uncertainty, have largely failed to benefit from rising geopolitical tensions this year, as investors have chosen the safety of the dollar over the precious metal.