Gold fell in price on Friday as the U.S. dollar strengthened, with prices on course for their biggest weekly fall in nearly four months as some of the safe-haven demand spurred by Russia’s invasion of Ukraine cooled.
Spot gold was down 0.3% to $1,936.75 U.S. per ounce early Friday. U.S. gold futures fell 0.2% to $1,939.30.
The dollar rose 0.5% against its rivals, hurting appetite for bullion for overseas buyers.
Gold has shed about 2.4% so far this week with investors initially pricing in possibilities of aggressive interest rate hikes by the U.S. Federal Reserve.
Higher interest rates tend to raise the opportunity cost of holding non-interest paying gold.
Bullion recovered a bit after the Fed said it was raising borrowing costs along expected lines, while acknowledging the challenges presented by soaring inflation.
Spot palladium rose 2.06% to $2,562.32 U.S. per ounce, but was set for a weekly fall of about 8.8% as fears about supply from top producer Russia eased.
Spot silver fell 0.5% to $25.20 U.S. per ounce, while platinum rose 1.24% to $1,033.50 U.S.
Related Stories
