June 19 (Reuters) - Gold prices edged lower on Friday and
were on track for a third consecutive weekly decline, as a
stronger dollar and hawkish signals from the U.S. Federal
Reserve weighed on the non-yielding metal.
FUNDAMENTALS
* Spot gold was down 0.5% at $4,189.26 per ounce, as
of 0043 GMT. U.S. gold futures for August delivery fell
0.9% to $4,207.80.
* The dollar hovered around a one-year high, making
greenback-priced bullion more expensive for other currency
holders.
* Oil tankers sailed through the Strait of Hormuz and the
United States said it lifted its blockade on Iran on Thursday as
an interim deal to end the war took effect, though key issues
are still unresolved between the two countries.
* Inflationary pressures stemming from the Iran war are
becoming too strong for central banks worldwide to ignore. A
growing number, led by the U.S. Federal Reserve, have either
raised borrowing costs or signalled imminent moves to tame price
growth.
* Nine of the U.S. central bank's 19 policymakers now
believe they will need to raise the policy rate this year,
according to projections published on Wednesday after the Fed
announced its decision to leave the policy rate in its current
3.50%-3.75% range in Kevin Warsh's debut policy meeting as
chairman.
* Goldman Sachs expects gold prices to rise to $4,900 per
ounce by December, lower than its earlier forecast of $5,400, as
the bank doesn't expect a Fed rate cut this year anymore.
* Meanwhile, Dubai's commodities exchange CEO told Reuters
that it will launch a same-day settlement gold futures contract
on Monday, aiming to tap safe-haven demand and faster trading
infrastructure to boost liquidity in the emirate's bullion
market.
* Spot silver fell 0.8% to $65.32 per ounce, platinum
lost 0.9% to $1,680.87, and palladium was down
0.5% at $1,272.
DATA/EVENTS (GMT)
0600 UK Retails Sales MM, YY May
0600 UK Retail Sales Ex-Fuel MM May
(Reporting by Noel John in Bengaluru; Editing by Sherry
Jacob-Phillips)
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