Gold Loses Ground Amid Stronger Dollar and Higher Interest Rate Expectations

Gold prices rose slightly on Friday due to a minor fluctuation in the market, but the precious metal is set to post a weekly loss. The strengthening US dollar and expectations of higher interest rates from the Federal Reserve are putting pressure on gold. Spot gold reached $4,288.36 per ounce by 02:00 GMT, representing a 0.2% increase for the day.

However, this gain is not enough to offset the losses experienced earlier in the week. The metal is currently down 2% from the start of the week. US gold futures also rose 0.6% to $4,323.10 per ounce.

The other precious metals were mixed on Friday. Spot silver declined by 0.1% to $63.81 per ounce and was poised for a weekly loss. Platinum, on the other hand, increased by 0.5% to $1,756.90 per ounce. Palladium fell by 1.3% to $1,257.56 per ounce.