Dollar Strengthens, Gold Prices Plummet on Inflation Fears

Singapore witnessed gold prices decline on Friday as expectations grew that the US Federal Reserve would maintain high interest rates to combat inflation.

The strengthening dollar played a significant role in this decline, with spot gold dropping 0.2 percent to $4,270.40 per ounce by 00:35 GMT.

This marks a decline of more than two percent since the start of the week, and gold futures rose 0.2 percent to $4,304.80.