Gold Poised for Monthly Gain on Soft Dollar, US Rate Cut Hopes

GOLD - SINGAPORE. Gold prices were on track for a monthly rise on Friday, supported by a softer dollar and increased expectations for a U.S. interest rate cut in September.

Spot gold was down 0.2% at $3,411.29 per ounce, as of 0704 GMT, on profit-taking. Bullion gained 3.7% so far this month and hit $3,423.16, its highest level since July 23, on Thursday.