Gold rises on Friday but heads for fourth weekly loss
Gold rose 1.1% on Friday as a weaker dollar spurred buying. The metal remains on track for a fourth weekly drop as high interest rates curb investor demand.
Gold prices climbed by more than 1% on Friday as a weakening United States dollar and bargain hunting provided support for the metal. Despite the daily recovery, bullion remains on track for its fourth consecutive weekly decline, pressured by rising energy costs that have intensified inflation concerns and expectations of higher global interest rates. Spot gold reached $4,428.30 per ounce, while U.S. gold futures for April delivery rose to $4,423.40. The retreat in the dollar, which impacts major currency pairs such as USD/CAD, has made greenback-priced assets more accessible to international investors.
