Gold prices are declining at the settlement of Friday’s trading session, coinciding with a rise in the price of the dollar.
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Gold futures fell by 1.9%.
Gold prices fell at the settlement of Friday’s trading, recording weekly losses, one day after recording the second-highest settlement price on record.Divorce.
Upon settlement, gold futures fell about 1.9%, or $39.5, to $2015.8 an ounce.
Prices of the most active contract over the week declined by 0.5%.
Gold’s losses coincided with an increase in the dollar’s price after statements by a Federal Reserve official that there was a need to raise interest rates again.
The dollar index rebounded from a one-year low and Treasury yields rose.
“The metals market is likely to decline ahead of the US Federal Reserve’s interest rate decision in May, amid expectations of a 25 basis point hike,” said Daniel Pavilonis, chief market strategist at RJO Futures.