Gold prices rose slightly on Friday and were on track for a weekly rise, as an overall weakness in the American dollar offset pressure from an uptick in bond yields and expectations of further rate hikes from the U.S. Federal Reserve.
Folks who monitor the shiny yellow metal reported spot gold was up 0.35%% at $1,795.69 per ounce. Bullion headed for its fourth straight weekly gain, up about 1% in its longest weekly rally in almost a year.
U.S. gold futures rose .24% to $1,811.60.
The dollar edged 0.54% higher on the day, but was down about 1% for the week. A weaker greenback makes bullion less expensive for overseas buyers.
Market participants have toned down expectations of an aggressive rate hike by the Fed after cooler-than-expected inflation data released earlier this week. However, recent comments by some Fed officials continue to highlight a hawkish tilt.
Meantime, among other metals, spot silver rose 0.64% to $20.41 U.S. per ounce, palladium slipped 0.77% to $2,259.22 U.S. Platinum fell 0.59% to $949.49 U.S. per ounce.
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