Commodities
Gold Prices Slide as Dollar Strengthens and Fed Keeps Hawkish Stance
Gold prices declined on Friday and are poised to drop for the week as a stronger dollar and expectations of higher US interest rates weighed on the market.
Spot gold fell by 0.2% to $4,270.40 per ounce at around 0035 GMT, marking a loss of over 2% so far this week. Meanwhile, US gold futures edged up 0.2% to $4,304.80.
The dollar's strength makes greenback-priced metals more expensive for holders of other currencies, putting downward pressure on gold prices.
Philadelphia Fed President Anna Paulson and New York Fed President John Williams both hinted at tighter monetary policy in the coming months, citing inflation as a top priority.