Gold Gains as Dollar Weakens but Rate Hike Looms

Gold prices rose on Friday, reaching $4,350 per ounce as the US dollar weakened.

However, despite this gain, gold is still on track to post a weekly loss of around 2% due to the increased attractiveness of assets that generate interest income in light of the Federal Reserve's recent rate hike.

The Fed raised its key interest rate by 0.25 percentage points, causing yields on US government bonds to approach their highest levels in nearly two decades.

Other metals also saw gains, with silver increasing by around 1% to $64.7 per ounce and copper remaining steady at approximately $6.78 per pound.