© Archyde.com. Gold bars are displayed at a gold factory in Switzerland on July 13, 2022. Photo by Dennis Balibius/Archyde.com.
(Archyde.com) – Gold rose on Friday, supported by a drop in the dollar, and headed for a small weekly gain, despite continuing concerns that the US Federal Reserve will continue the path of aggressive interest rate hikes, which weighed on sentiment.
It rose 0.7 percent to $ 1719.19 an ounce by 0550 GMT. During the week, prices rose 0.5%, after three consecutive weekly declines.
US gold futures rose 0.6 percent to $1,729.70.
It fell 0.7 percent, after touching a one-week low, making gold priced in dollars less expensive for holders of other currencies.
The US central bank is expected to raise interest rates by another 75 basis points on September 21.
Higher interest rates increase the opportunity cost of holding the non-yielding yellow metal and support the dollar.
The European Central Bank raised key interest rates by 75 basis points on Thursday.
As for other precious metals, it rose in spot transactions by 1.11 percent to $18.7763 an ounce, and increased by four percent during the week.
Platinum rose 0.2 percent to $881.16 and is on track for its biggest weekly gain since June.
As for it, it fell 1.2 percent to $ 2112.78, but it is heading to record its first weekly gain in four weeks.
(Prepared by Doaa Muhammad for the Arabic Bulletin – Editing by Suha Jado)