Forex
Gold Prices Slide Amid Dollar Strength, Inflation Concerns
Gold prices dipped by 1.54 percent to close at $4,098.60 per ounce on Friday as the US dollar index rebounded 0.3 percent.
The sudden currency strength undercut gold's haven appeal amidst escalating Middle East tensions.
A surprisingly resilient University of Michigan consumer confidence index, which jumped to 55.2 points and beat expectations, also weighed on gold.
At least three Federal Reserve policymakers pushed for immediate rate hikes due to stubborn inflation, adding uncertainty to the market.
The yield on ten-year US Treasuries touched a 19-year high on Friday, raising the opportunity cost of holding zero-yield assets like gold.