Gold prices slips after six-session rally as dollar firms

Gold prices fell on Friday, breaking a six-session rally as a firmer dollar took some shine off the metal, but concerns over persistent inflation kept bullion on track for a second week of gains.

Spot gold dropped 0.6% to $1,851.31 per ounce by 0928 GMT, after hitting a five-month peak on Wednesday. U.S. gold futures were down 0.6% at $1,852.80.

The dollar rose to its highest since July 2020, making gold more expensive for buyers holding other currencies.

The greenback has further scope for gains with major central banks lagging in terms of rate hikes, and in this scenario