Gold Prices Plummet as Dollar Strengthens and Inflation Fears Persist

Gold prices have taken a hit on Friday, setting them up for a weekly decline. The strengthening dollar is largely to blame, as investors await the Federal Reserve's next move to combat inflation. According to Reuters, spot gold dropped 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.

In related markets, spot silver fell 0.5 percent to $63.58 per ounce, while platinum held steady at $1,749.61. Palladium, on the other hand, dropped 1.3 percent to $1,257.70.