Gold edged higher on Friday but remained on track for a third straight weekly decline, pressured by a stronger dollar and the Federal Reserve’s hawkish stance, which dampened expectations for near-term rate cuts.
Spot gold rose 0.2% to $4,657.50 per ounce as of 01:12 GMT, but the metal has fallen more than 7% so far this week.
US gold futures for April delivery climbed 1.1% to $4,657.90.
The dollar strengthened, making gold more expensive for holders of other currencies.
Meanwhile, the near-total closure of the Strait of Hormuz has pushed oil prices higher, intensifying inflationary pressures through rising transport and production costs.
While inflation typically supports gold as a hedge, higher interest rates weigh on demand for non-yielding assets.
Most major central banks in advanced economies held rates steady this week, but signaled readiness to tighten further if energy-driven inflation persists.
Among other precious metals, silver rose 0.1% to $73 per ounce, platinum gained 0.1% to $1,972.80, and palladium advanced 0.4% to $1,452.21.
Gold edged higher on Friday but remained on track for a third straight weekly decline, pressured by a stronger dollar and the Federal Reserve’s hawkish stance, which dampened expectations for near-term rate cuts.
Spot gold rose 0.2% to $4,657.50 per ounce as of 01:12 GMT, but the metal has fallen more than 7% so far this week.
US gold futures for April delivery climbed 1.1% to $4,657.90.
The dollar strengthened, making gold more expensive for holders of other currencies.
Meanwhile, the near-total closure of the Strait of Hormuz has pushed oil prices higher, intensifying inflationary pressures through rising transport and production costs.
While inflation typically supports gold as a hedge, higher interest rates weigh on demand for non-yielding assets.
Most major central banks in advanced economies held rates steady this week, but signaled readiness to tighten further if energy-driven inflation persists.
Among other precious metals, silver rose 0.1% to $73 per ounce, platinum gained 0.1% to $1,972.80, and palladium advanced 0.4% to $1,452.21.
