Gold Prices Rebound But Still Down Due to Dollar Strength

The price of gold has shown some recovery on Friday after a week of losses. Despite this, it remains down around 2% for the week as traders reassess their expectations for US interest rates.

Hawkish comments from Federal Reserve officials have reinforced the idea that rates may remain high for longer, putting pressure on non-yielding assets like gold.

The stronger US dollar and rising Treasury yields are also contributing to the decline in gold prices. XAUUSD is currently consolidating near $4,280 after failing to hold above the $4,300 level.