Gold heads for weekly loss as dollar advances
Gold steadied on Friday, but was set for a weekly decline as the dollar climbed to a near one-month high, while investors awaited key US inflation data to assess the Federal Reserve's monetary policy moving forward.Spot gold was steady at $5,000.40 per ounce, as of 0530 GMT, and was down about 1 per cent for the week so far. Meanwhile, US gold futures for April delivery were up 0.4 percent at $5,019.10.The dollar was set for its strongest weekly performance since October, supported by a run of stronger-than-expected economic data, a more hawkish Federal Reserve outlook.Elsewhere, spot silver edged 0.2 per cent higher to $78.47 per ounce. Spot platinum ticked up 0.1 per cent to $2,071.63 per ounce, while palladium gained 0.1 per cent to $1,684.59.WAM
Gold steadied on Friday, but was set for a weekly decline as the dollar climbed to a near one-month high, while investors awaited key US inflation data to assess the Federal Reserve's monetary policy moving forward.Spot gold was steady at $5,000.40 per ounce, as of 0530 GMT, and was down about 1 per cent for the week so far. Meanwhile, US gold futures for April delivery were up 0.4 percent at $5,019.10.The dollar was set for its strongest weekly performance since October, supported by a run of stronger-than-expected economic data, a more hawkish Federal Reserve outlook.Elsewhere, spot silver edged 0.2 per cent higher to $78.47 per ounce. Spot platinum ticked up 0.1 per cent to $2,071.63 per ounce, while palladium gained 0.1 per cent to $1,684.59.WAM
What's Your Reaction?
Economist Admin
Admin managing news updates, RSS feed curation, and PR content publishing. Focused on timely, accurate, and impactful information delivery.
