Gold Prices Headed for Weekly Loss Amid Stronger Dollar

Gold prices ticked up on Friday but were set to post a weekly loss due to a stronger US dollar and expectations that interest rates will remain elevated to combat inflation.

The spot gold price rose 0.2 percent to $4,288.36 per ounce by 02:00 GMT, but was down 2 percent so far this week. Meanwhile, US gold futures edged 0.6 percent higher to $4,323.10.

All precious metals except platinum were poised for weekly losses. Spot silver slipped 0.1 percent to $63.81 per ounce, while palladium fell 1.3 percent to $1,257.56.