Doha:Asian Markets Gold prices decreased on Friday, marking a weekly decline due to the influence of a stronger dollar and increasing expectations that the Federal Reserve will maintain high interest rates to address inflation.
According to Qatar News Agency, spot gold prices fell by 0.2 percent to $4,270.40 per ounce, representing a decline of over 2 percent for the week. In contrast, US gold futures increased by 0.2 percent to $4,304.80.
In other precious metals trading, spot silver saw a decrease of 0.5 percent to $63.58, platinum remained stable at $1,749.61, and palladium experienced a drop of 1.3 percent to $1,257.70.
The dollar is showing signs of weekly gains, making metals priced in dollars more expensive for investors using other currencies. Gold is often considered a safeguard against inflation; however, rising interest rates reduce its appeal by making yield-bearing assets more attractive.