Gold Prices Set to Post Weekly Loss Amid Stronger Dollar and Elevated Interest Rates

Gold prices ticked up on Friday but were set to post a weekly loss due to a stronger US dollar and expectations that the Federal Reserve will keep interest rates elevated to control inflation.

The spot price of gold rose 0.2 percent to $4,288.36 per ounce by 02:00 GMT, while US gold futures edged 0.6 percent higher to $4,323.10.

Silver prices slipped 0.1 percent to $63.81 per ounce and were poised for a weekly loss, as was the case with platinum, which climbed 0.5 percent to $1,756.90, and palladium, which fell 1.3 percent to $1,257.56.