Gold Prices Edge Up, Set for Third Weekly Decline

Gold prices recorded a slight increase on Friday, but the market is still on track for its third consecutive weekly decline. The drop is mainly due to the strong US dollar and the US Federal Reserve’s continued focus on monetary tightening, which has reduced expectations of an early interest rate cut.

Spot gold rose by 0.2% to $4,657.50 per ounce as of 0112 GMT. Despite this small gain, gold prices have fallen more than 7% so far this week, reflecting ongoing pressure in the market.

US gold futures for April delivery also showed a positive movement, rising 1.1% to $4,657.90 per ounce.

Among other precious metals, spot silver increased slightly by 0.1% to $73 per ounce. Platinum also rose 0.1% to $1,972.80, while palladium saw a stronger gain of 0.4%, reaching $1,452.21 per ounce.

Overall, the precious metals market remains under pressure as investors react to the Federal Reserve’s policy stance and the strength of the US dollar.