Gold prices erased much of their earlier losses on Thursday, but still finished at a one-year low, as President Donald Trump voiced his displeasure with Federal Reserve rate increases, prompting a decline in the benchmark dollar index. August gold declined by $3.90, or 0.3%, to settle at $1,224 an ounce, posting the lowest finish for a most-active contract since July 2017. The settlement marked gold’s entry into correction territory—down more than 10% from its peak on Jan. 15 at $1,362.90. A popular fund used to bet on gold’s moves, SPDR Gold Shares was down 0.2%, trading around 1.3% lower for the week. Week to date, gold futures were down about 1.8%. Gold futures had traded as low as $1,210.70 during Thursday’s session. The U.S. dollar has generated the strongest headwind for commodities priced in the currency, particularly gold. The ICE U.S. Dollar Index however, turned down by 0.1% Thursday to 94.96, after touching a high of 96.65, as Trump told CNBC that he isn’t “thrilled” that the Fed is hiking interest rates. The dollar index was still up about 0.2% for the week. (source: marketwatch)