LONDON: Gold prices bounced on Friday, erasing earlier losses as the dollar fell, but was still on track for a seventh weekly drop in eight as investors positioned themselves for a likely US rate rise next week.

Spot gold, lower initially, was up 0.2 per cent to $1,072.35 an ounce by 1507 GMT. It was on track for a 1.2pc decline for the week.

Silver and platinum were also headed for a seventh weekly loss in eight weeks. Silver was down 1.5pc at $13.90 an ounce, while platinum fell 1.4pc to $837. Palladium rose 0.6pc to $542.63 an ounce, but was down more than 3pc for the week.

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