© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – It fell on Friday as the dollar rose, but hopes that the Federal Reserve (the US central bank) will slow the pace of raising interest rates kept the yellow metal on its way to achieving gains for the fifth week in a row.
By 1849 GMT, it had fallen 0.2 percent to $1,928.06 an ounce, following earlier rising to its highest since April 22 at $1,937.49. Prices have increased 0.4 percent this week so far.
And US gold futures rose 0.2 percent when settling to $ 1928.2.
“The American maintains a degree of stability, and therefore we can see a decline in gold prices next week,” said Daniel Ghaly, a commodities analyst at TD Securities.
The dollar stabilized once morest its rivals, making gold more expensive for holders of other currencies.
And for other precious metals, it rose 0.3 percent to $ 23.90 an ounce.
Platinum rose 0.8% to $1,940.50, while it fell 1.7% to $1,725.04. Both are set to drop for the second week in a row.
(Prepared by Mustafa Saleh and Mohamed Attia for the Arabic Bulletin)