Gold dips as US dollar hits near 1-week high

//Gold dips as US dollar hits near 1-week high

Gold prices fell in early Asian trade on Tuesday as the dollar rose to a near one-week high on expectation of a smaller interest rate cut by the U.S. Federal Reserve at the end of this month. * Spot gold was down 0.5% at $1,417.11 per ounce as of 0120 GMT. * U.S. gold futures slipped 0.5% to $1,419.30 an ounce. * The dollar index gained 0.1% to a near one-week high, making gold expensive for holders of other currencies. * The U.S. central bank is widely expected to lower its interest rate target range of 2.25%-2.50% by 25 basis points at a meeting ending July 31, but expectations for a larger 50-basis point cut have waxed … (full story)