Gold prices edged higher on Friday after hitting a seven-week low as a stronger U.S. dollar weighed on the yellow metal.
Price actionMarket drivers A combination of a stronger U.S. dollar and higher Treasury yields has taken the shine off gold in recent days, but a pullback in the greenback on Friday has given gold a chance to recoup some losses.Price action Market drivers A combination of a stronger U.S. dollar and higher Treasury yields has taken the shine off gold in recent days, but a pullback in the greenback on Friday has given gold a chance to recoup some losses.
“Having climbed above $2,050 an ounce in early May, gold had lost around $100 before recovering slightly to now be trading around $1,965 an ounce,” said Rupert Rowling, a market analyst at Kinesis Money. The ICE U.S. Dollar Index DXY , a gauge of the greenback’s strength against major currencies, was off 0.3% at 103.26.
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