Gold prices fall for second week as dollar strengthens
Spot gold fell to $4,522.89 per ounce as a firm dollar and rising oil prices fueled expectations for further Federal Reserve interest rate hikes this year.
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Gold fell 0.4% to $4,522.89 per ounce, marking its second consecutive weekly decline. The metal dropped 0.3% this week as a stronger dollar and rising energy costs fueled interest rate hike expectations. Investors are pricing a 60% chance of a Federal Reserve rate increase by December, reducing the appeal of non-yielding assets.
Spot gold prices slid while gold futures for June delivery lost 0.4% to $4,524.40. The dollar held near a six-week high, raising the cost of bullion for international buyers.
