2021.10.2910:40:00UTC+00Gold Dips On Dollar Strength

Gold prices eased on Friday and the dollar ticked higher as investors looked for further guidance from the Federal Reserve's upcoming policy meet.

Spot gold dipped 0.2 percent to $1,795.13 per ounce, while U.S. gold futures were down 0.3 percent at $1,796.85.

Amid a global inflation surge, the Fed is likely to announce its plan next week for scaling back, or tapering, its $120 billion in monthly bond purchases.

Flash data from Eurostat showed earlier today that Eurozone inflation accelerated sharply to the highest since 2008 on higher energy prices.

Inflation rose to 4.1 percent in October from 3.4 percent in September. This was also faster than the economists' forecast of 3.7 percent. A similar higher rate was last registered in July 2008.

"While inflation will take longer to decline than previously expected, we expect these factors to ease in the course of next year," European Central Bank President Christine Lagarde told a news conference on Thursday following the ECB's policy meeting.