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Gold Looks for Steep Quarterly Losses

Gold prices gained on Friday as the dollar weakened, but were on course for their worst quarter since March last year as central banks worldwide stick with aggressive monetary policies.

Spot gold rose 0.3% to $1,665.99 U.S. per ounce and has gained 1.4% so far this week. For the quarter it is down 7.8%, the most since the first quarter of 2021.

U.S. gold futures added 0.4% to $1,674.50.

The dollar index traded near a one-week low, making gold less expensive for buyers holding other currencies.

Federal Reserve policymakers have been resolute in raising interest rates despite a turmoil in global financial markets.

Although gold is considered a safe bet in times of uncertainty, rate hikes tend to dull the appeal of bullion, which yields no interest.