Prices for gold rose on Friday and looked set to post their biggest weekly gain since mid-January, as the U.S. dollar eased, while traders assessed prospects of further rate hikes by the Federal Reserve.
Spot gold had improved 0.2% to $1,838.84 per ounce, early Friday, rising about 1.5% so far in the week. U.S. gold futures rose 0.2% to $1,844.20.
Interest rate hikes to contain high inflation discourage investors from placing money in non-yielding assets such as gold.
The impact of higher U.S. interest rates on the economy may only begin to “bite” in earnest this spring, an argument for the Fed to stick with “steady” quarter-point rate increases, Atlanta Fed President Raphael Bostic said on Thursday.
Spot silver rose 0.4% to $20.98 per ounce, platinum added 0.3% at $962.48 and palladium was up 0.2% at $1,452.12.
All three metals were poised for weekly gains, with platinum on track for its best week since November.
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