Gold Declines Amid Growing Expectations of US Interest Rate Hike

Doha: Gold was on track for another weekly loss on Friday, pressured by a stronger US dollar and growing expectations that the US Federal Reserve will raise interest rates to curb inflation. Spot gold fell 0.9 percent to USD 3,991.49 per ounce during Asian trading, while US gold futures for August delivery declined 1 percent to USD 4,007.30 per ounce. According to Qatar News Agency, among other precious metals, spot silver dropped 3.2 percent to USD 56.01 per ounce, platinum fell 2.4 percent to USD 1,563.20, and palladium lost 1.6 percent to USD 1,165.93. The US dollar index hovered near its strongest level since May 2015 and was on track for a second consecutive weekly gain, making gold more expensive for holders of other currencies.