Manama: Gold prices edged lower on Friday and were on track for a third consecutive weekly decline, weighed by a stronger US dollar and hawkish signals from the US Federal Reserve. Spot gold fell 0.5% to USD 4,189.26 per ounce.
According to Bahrain News Agency, US gold futures for August delivery declined 0.9% to USD 4,207.80. The downward trend is not limited to gold alone, as other precious metals also experienced declines. Spot silver fell 0.8% to USD 65.32 per ounce, platinum declined 0.9% to USD 1,680.87, and palladium fell 0.5% to USD 1,272.
The recent performance of gold and other precious metals reflects market reactions to economic signals and currency strength. The stronger US dollar, in particular, has made gold more expensive for holders of other currencies, contributing to the decline in prices.