Gold regained ground on Friday after the U.S. dollar bounced against the euro on expectations of further interest rates cuts, but the metal struggled to recapture $800 an ounce, Reuters reported.
Gold hit a high of $799 an ounce and then slipped to $795.30/796.00, steady from $795.00/795.80 in New York on Thursday. Gold fell 1 percent in the U.S. market and dipped below the psychological level of $800 due to a rising dollar.
Gold has dropped nearly 5 percent since hitting a two-week high of $836.70 on Monday and hovered below the 14-day moving average of $802.42, highlighting a volatile market since the metal rallied to a 28-year high of $845.40 earlier this month.
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Gold in One Step to $800
..after the U.S. dollar bounced against the euro on expectations of further interest rates cuts
