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Gold Weighed Down by Stronger Dollar

Gold prices slipped on Friday due to a stronger American dollar, but were set for a fourth weekly rise in five as the U.S Federal Reserve retaining its interest rate cut projections for 2024 bolstered bullion’s appeal.

Spot gold was down 0.4% Friday at $2,172.72 U.S. per ounce, Bullion has risen 0.8% so far this week.

U.S. gold futures fell 0.5% to $2,174.30 per ounce.

The greenback advanced to a three-week high against its rivals and was on track for a second weekly rise, making gold more expensive for other currency holders.

On Thursday, gold prices rose to an all-time high after Fed policymakers indicated they still expected to reduce them by three-quarters of a percentage point by the end of 2024 despite recent high inflation readings.

Fed Chair Jerome Powell on Wednesday said recent high inflation readings had not changed the overall story of slowly easing U.S. price pressures.

Elsewhere, spot silver dipped 0.9% to $24.53 U.S. per ounce, platinum fell 0.6% to $902.15 U.S. and palladium lost 2.2% to $988.67 U.S. All three were on track for a weekly fall.