Commodities
Gold Slips on Stronger Dollar, Rate Hike Expectations
Gold prices slipped on Friday and were poised for their first weekly decline in nearly two months due to a stronger dollar, rising US Treasury yields, and expectations of further Federal Reserve rate hikes.
The spot gold price fell by 0.1% to $4,274.90 per ounce by 0632 GMT, marking a more than 2% drop for the week.
The increasing pressure on bullion comes as the dollar is headed for a weekly gain, making dollar-priced metals more expensive for buyers using other currencies.
US Treasury yields continued to rise, and expectations of further rate hikes strengthened after Federal Reserve officials indicated that tighter monetary policy may be necessary to bring inflation under control.