LONDON, July 15 (Reuters) - Gold slipped on Friday undermined by growing perceptions that further stimulus measures from the United States were unlikely and by a higher dollar against the euro, which was under pressure from concern about the results of European bank stress tests. Spot gold was bid at $1,579.30 a troy ounce at 1021 GMT from $1,586.75 an ounce late in New York on Thursday when the precious metal hit a record high of $1,594.16. U.S. Federal Reserve chairman Ben Bernanke said on Thursday that the central bank is prepared to act if the recovery falters. But Bernanke also made clear the Fed was not at that point. "We're of the view that the U.S. doesn't need (further monetary easing), that U.S. growth will accelerate and that QE3 won't be needed," said Dan Smith, analyst at Standard Chartered. "Strong demand growth in Asia, high inflation in Asia and a dollar under pressure will support gold in the medium term." The Fed's $600 billion bond purchase programme that ended in June -- dubbed QE2 -- pumped large amounts of cash into the global financial system, much of which found its way to commodities sparking a sharp price rally. Gold is also used to protect investment portfolios against inflation, which could be fuelled by excess liquidity. The euro fell against the dollar as investors worried that European bank stress tests may reveal things that could further sour sentiment towards the single currency.

Source