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Gold Faces Weekly Drop as Dollar Rises
Gold prices declined on Friday, heading for a weekly decrease, due to the rise of the dollar and the U.S. Federal Reserve's expectations to keep interest rates high for a longer period. The spot price of gold fell by 0.2% to $4,270.40 per ounce, while U.S. gold futures increased by 0.2% to $4,304.80. Other precious metals also saw declines; silver dropped by 0.5% to $63.58, platinum declined by 1.3% to $1,257.70, and palladium decreased to $1,249.10. Meanwhile, platinum remained steady at $1,749.61. The President of the Federal Reserve Bank of New York stated that raising interest rates again this year seems reasonable, amid expectations of continued tightening monetary policy.
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