Gold Heads for Weekly Loss Amid Dollar Strength
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Gold Prices Experience Slight Gain, but Weekly Loss Expected
Gold prices saw a modest increase on Friday; however, the precious metal is on track for a weekly loss, weighed down by the rising dollar, which has reached its highest level in nearly a month. Investors are also awaiting a key inflation report expected later in the day.
The Dollar and Inflation Take Center Stage
The strength of the greenback continues to exert pressure on gold, as markets keenly monitor U.S. inflation data. These figures could provide new insights into the future direction of the monetary policy from the Federal Reserve, particularly regarding interest rate changes.
Moderate Increase in Spot Gold and Futures
In the spot market, gold rose by 0.4%, hitting $5,020.95 per ounce at 07:01 GMT. Meanwhile, U.S. gold futures for April delivery reported a more substantial increase of 0.8%, reaching $5,037.60 per ounce.
Other Precious Metals Also on the Rise
Other precious metals also experienced gains. Silver rose by 0.6%, settling at $78.83 per ounce. Platinum increased by 0.8%, reaching $2,085.64 per ounce, while palladium saw a rise of 0.4%, standing at $1,691.62 per ounce.
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