Gold Prices Stabilize Amid Dollar Strength, Higher Yields

Gold prices steadied on Friday, but remained under pressure from a stronger dollar and higher yields. The precious metal edged up by 0.2% to $4,186.89 an ounce, while gold futures rose 0.3% to $4,215.92 an ounce.

The yellow metal has been declining for two consecutive weeks, with losses exceeding 2% this week alone. However, it found some support as Treasury yields eased and the Federal Reserve signaled patience on interest rates, according to Neil Welsh, Head of Metals at Britannia Global Markets.

Meanwhile, the US dollar index inched down 0.2%, but remained near a 17-month high touched in the previous session. The benchmark 10-year yield briefly climbed to 5.344% on Thursday before easing, and stood at 5.234% on Friday.