Prices for gold were rangebound on Friday and on track to post a weekly and monthly decline as a stronger American dollar dented the precious metal’s appeal.
Spot gold was up 0.1% at $1,842.58 U.S. per ounce early Friday morning. Prices were down 0.5% for the week and 2.8% for the month.
U.S. gold futures rose 0.2% to $1,844.20.
The dollar rose 0.2%, making bullion expensive for holders of other currencies.
The greenback has risen 0.8% this month helped by higher U.S. Treasury yields and concerns that President Joe Biden’s fiscal spending package will not be as large as the proposed $1.9 trillion.
Investors remain focused on the U.S. stimulus deal as analysts warn that a smaller stimulus or delay in getting the aid passed could weigh on gold prices.
Silver dropped 0.6% to $26.21 an ounce, having gained 4.5% on Thursday after some traders moved to cover short positions on rumors about a GameStop-style squeeze driven by retail investors.
However, the metal is up 3.1% for the week, its best weekly performance in nearly one and a half months.
Platinum was flat at $1,070.81 U.S., but was set to register its worst week in seven. Palladium rose 0.2% to $2,338.86, U.S., but was down 4.4% for the month, its biggest monthly decline since April last year.
