Gold inched higher on Friday, as the dollar rally eased, although the greenback’s remarkable performance overall and fears of aggressive U.S. interest rate hikes weighed on demand for bullion and set prices for a fifth straight weekly loss.
Spot gold was up 0.2% at $1,713.04 U.S. per ounce, but has lost 1.6% so far this week. U.S. gold futures rose 0.4% to $1,712.10.
The dollar edged off recent 20-year highs, easing some pressure on demand for greenback-priced gold among overseas investors, after sending bullion over 2% lower on Thursday.
Higher interest rates and bond yields raise the opportunity cost of holding non-yielding bullion.
Spot silver dipped 0.1% to $18.36 U.S. per ounce, and has fallen about 4.9% in what could be its seventh straight weekly loss.
Platinum gained 0.5% to $847.36 U.S.. It has dropped about 5.5% this week, the most in three months.
Palladium rose 0.8% to $1,911.45 U.S., but lost about 12.4% this week, the most since last November.