Gold Set for First Weekly Gain in Five

Gold prices may not have moved on Friday but prices were still set for their first weekly gain since mid-April.

Spot gold was flat at $1,842.48 U.S. per ounce, tracking a slight uptick in the dollar on the day. U.S. gold futures were also static at $1,841.40. Meanwhile, the dollar receded from two-decade highs amid mounting concerns over U.S. economic growth revived safe-haven demand.

Gold prices have climbed about 1.5% this week.

As bullion yields no interest it can become less attractive to investors when short-term U.S. interest rates are hiked. It is, however, seen as a safe store of value during times of economic crisis.

The U.S. central bank will lift interest rates higher by the end of this year than anticipated just a month ago, keeping alive already-significant risks of a recession, a Reuters poll of economists found.

Elsewhere, spot silver slipped 0.34% to $21.82 U.S. per ounce, but it has gained about 3.5% this week.

Platinum dropped 0.38% to $958.80 U.S., and palladium fell 0.27% to $2,001.54 U.S. Both were set for weekly gains.