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Gold falls as dollar nears peak
Gold declined on Friday by 0.5% to approximately $4,027.54 per ounce, following a nearly 2% drop in the previous session, driven by rising Brent crude above $100 and concerns over inflation and expectations of interest rate hikes ahead of the Federal Reserve meeting. Despite the losses, gold continues to achieve a slight weekly gain of 0.3%. Gold is considered a hedge against inflation, but it tends to decline in a rising interest rate environment, as investors assess stable or potentially increasing future interest rates. Additionally, silver, platinum, and palladium also fell, while the dollar received support from rising Treasury bond yields. Markets are preparing for upcoming interest rate policy meetings by the U.S. and European central banks.
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