Gold prices slipped to a three-week low on Friday and was en route to its first weekly drop in a month, pressured by a stronger dollar and rising U.S. bond yields.
Spot gold fell for a fifth straight session, down 0.3% at $1,753.84 U.S. per ounce early Friday morning, which could be its longest losing streak since November 2021. U.S. gold futures slipped 0.2% to $1,767.00.
Dragged by the dollar’s renewed ascent and a steady rise in benchmark U.S. 10-year Treasury yields, prices of zero-yield, greenback-priced gold are down 2.7% this week.
Several U.S. Federal Reserve officials said on Thursday that the central bank needs to keep raising interest rates to bring high inflation under control.
Rising rates increase the opportunity cost of holding non-yielding bullion.
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