India, May 24 -- Gold prices drifted lower on Friday after rising sharply in the previous session on expectations of a rate cut by the Federal Reserve this year.
Spot gold dipped 0.3 percent to $1,281.25 per ounce, after climbing more than 1 percent on Thursday to hit a one-week high. U.S. gold futures for June were down 0.4 percent at $1,280.85.
The dollar edged away from two-year highs after overnight data showed U.S. manufacturing activity hit its lowest level in almost a decade in May, amid escalating trade tensions with Beijing.
New home sales in the U.S. also declined in April, suggesting a sharp slowdown in economic growth was underway.
Meanwhile, U.S. President Donald Trump said on Thursday that Washington's complaints against H...