Gold prices declined today (Friday), heading for a weekly loss as a stronger dollar weighed on the precious metal and investors awaited a key U.S. inflation report for clues on the Federal Reserve’s next policy move.
As of 06:01 GMT, spot gold dropped 0.4% to $3,303.51 per ounce, bringing its losses for the week to 1.6%. U.S. gold futures also slipped 0.5% to $3,300.70, according to news agencies.
The U.S. dollar index rose 0.2%, making gold more expensive for buyers using other currencies and adding further pressure to prices.
Among other precious metals:
- Silver fell 0.7% to $33.10 per ounce
- Platinum slipped 0.6% to $1,076.33
- Palladium dropped 0.5% to $968.79
The market is closely watching upcoming U.S. inflation figures, which could influence expectations for future interest rate adjustments by the Federal Reserve.
