Dubai gold holds near six-week lows, 24K at 143.25

Gold prices held close early Friday to near six-week lows hit in the previous session, as the dollar firmed after upbeat US economic data supported the Federal Reserve's resolve for steady interest rate hikes over the next year.

24k gold in Dubai is priced at Dh143.25 and buyers can shop for 22k at Dh134.75.

US economic growth accelerated in the second quarter at its fastest pace in nearly four years as previously estimated, putting the economy on track to hit the Trump administration's goal of 3 percent annual growth.

The US economy does not face a large chance of a recession in the next two years and the Fed plans to keep gradually raising interest rates, Fed Chairman Jerome Powell said on Thursday.

New orders for key US-made capital goods fell in August after four straight months of strong gains and the goods trade deficit widened sharply, prompting some economists to significantly lower their economic growth estimates for the third quarter.

President Donald Trump's accusation



of Chinese meddling in upcoming US elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior US officials said on Thursday.

Italy's government on Thursday targeted the budget deficit at 2.4 percent of gross domestic product for the next three years, defying Brussels and marking a victory for party chiefs over economy minister Giovanni Tria, an unaffiliated technocrat.

Canada on Thursday shrugged off Trump's criticism that talks to modernize NAFTA were moving too slowly and made clear it had to keep negotiating as long as there was a chance of success.

Indonesians smarting from a falling share market and a currency near 20-year lows are turning to gold as a safe haven, boosting sales of retail ingots and encouraging state miner Aneka Tambang to up production.

China's net gold imports via main conduit Hong Kong fell to their lowest this year in August, as Beijing curbed import quotas for banks amid a trade tussle with the United States.