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Gold slips on US Fed rate views

Gold futures for December delivery slid 0.8% to settle at $1,346.20 an ounce at 1.39pm on the Comex in NY, paring this week's gain to 0.2%.

Meanwhile, New York Fed President William Dudley reportedly said in a Thursday speech the past two jobs reports "helped allay concerns that arose earlier this year that job growth was beginning to stall".

NEW YORK/LONDON Gold fell more than 1 percent on Friday, snapping a four-day streak of gains following conflicting signals from U.S. Federal Reserve officials on the timing of a possible rate hike, but was still on track for its second straight week higher. 06 per cent, to 2,183.48.

According to the minutes released on Wednesday, some voting Federal Reserve policymakers believed that a USA interest rate increase will soon be needed, although there is a general agreement that more data is needed before such a move.

Spot gold was down 0.4 per cent at $1,346.56 an ounce at 0358 GMT, but up 0.8 per cent for the week. On Tuesday, Mr Dudley said the Fed could potentially raise interest rates as soon as next month, while Atlanta Fed president Dennis Lockhart said he's confident that U.S. economic growth is accelerating, setting the stage for at least one increase in interest rates this year.

The U.S. benchmark S&P 500 stock index is up 7 percent this year.

Reports showed the number of Americans filing for unemployment benefits fell more than expected last week, while there was a mild improvement in manufacturing activity in the USA mid-Atlantic in August.

The euro slipped 0.2 percent to $1.13320 EUR= after touching $1.1366 overnight, its highest since June 24.

India appoints insider Urjit Patel as new central bank governor
Patel was with International Monetary Fund (IMF) between 1990 and 1995 and worked on the U.S., India, Bahamas and Myanmar desks. Patel is perceived to be a silent, friendly figure to Modi government and someone who would "keep his head down and work".

"The message from the Fed has been conflicting and often not very clear", said Chris Chapman, a trader at Manulife Asset Management (Europe) Ltd.

The probability of a US rate increase by year-end is 47 percent, according to data compiled by Bloomberg based on fed fund futures.

Higher rates tend to boring nonyielding gold's appeal in favor of higher-yielding alternatives.

The dollar index, which measures the greenback against six major peers, was down 0.59 percent at 94.159 in late trading, the lowest level in seven weeks. The VanEck Vectors Gold Miners ETF GDX, -2.41% dropped 1.1%.

Among the exchange-traded funds, the SPDR Gold Trust GLD, -0.41% was trading 0.5% lower premarket, while the iShares Silver Trust SLV, -1.65% shed 1.4%.

Silver was down 0.5% at $19.63/oz.

A gauge of stock markets around the world .MIWD00000PUS fell 0.4 percent. Palladium was down 1 per cent at $705.47, after hitting an one-week high of $717.70 Thursday.

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