Gold Slips 1% as Dollar Recovers, Still Up Weekly

Gold prices extended modest losses on Friday, trading around $4,590 per troy ounce at the time of publishing. The decline came as geopolitical tensions eased and the US dollar strengthened late in the session.

By 15:48 GMT, spot gold was down 1% at $4,567.89 per ounce. Despite the pullback, gold was still heading for its second consecutive weekly gain, after touching a record high of $4,642.72 on Wednesday.

US gold futures for February delivery also slipped, falling 1.1% to $4,570.90 per ounce.

Among other precious metals, spot silver dropped sharply by 4.5% to $88.14 per ounce. However, silver remained strong on a weekly basis, set for gains of over 10%, after reaching an all-time high of $93.57 in the previous session.

Platinum prices fell 4.7% to $2,296.75 per ounce, though they were still on track for weekly gains. Palladium declined 3.1% to $1,744.95 per ounce.

Meanwhile, US stock markets opened higher as chipmaker stocks regained focus during a volatile trading week. At the opening bell, the Dow Jones Industrial Average rose 24.3 points (0.05%) to 49,466.7. The S&P 500 gained 16.1 points (0.23%) to 6,960.54, while the Nasdaq Composite climbed 109.7 points (0.47%) to 23,639.687.