Gold prices on Friday were heading for their biggest weekly percentage fall in over four months, weighed by a stronger dollar and hawkish comments by Federal Reserve officials.
Spot gold rose 0.3% to $1,919.99 per ounce as of 2:19 p.m. EDT , after adding as much as 1.2% on a retreat in U.S. bond yields.The dollar index rose 0.5% to a one-week peak against its rivals, making gold less attractive for other currency holders.
The dollar strengthened after Fed Chair Jerome Powell, in congressional testimony this week, signaled more interest rate hikes ahead but vowed the central bank would proceed with caution. "Powell was pretty hawkish. He favors more interest rate hikes and doesn't see any rate cuts anytime soon. That is pretty bearish on the metals," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.said on Friday in an interview with Reuters that two more rate hikes this year is a "very reasonable" projection.Bullion has fallen nearly 2% so far this week and has lost more than $150 since scaling above the key $2,000 level in early May.
Spot silver rose 0.5% to $22.34 per ounce, but was set for its biggest weekly drop since October 2022. Platinum was down 0.6% at $917.34, on course for its worst week since August 2022.Palladium could extend this year's near-Reporting by Deep Vakil and Brijesh Patel in Bengaluru; editing by Barbara Lewis, Pooja Desai and Richard ChangReports on global commodities and energy markets, with a special focus on oil and gas infrastructure and the power sector.
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