Gold eases as dollar ticks up, but set for fifth weekly rise

Shafaq News/ Gold prices edged lower on Friday as the dollar firmed, although hopes of slower rate hikes from the U.S. Federal Reserve kept bullion on track for its fifth straight weekly gain.

Spot gold fell 0.2% to $1,928.06 per ounce by 1:49 p.m. ET (1849 GMT), after rising to its highest since April 22 at $1,937.49 earlier in the session. Prices are up 0.4% so far this week.

U.S. gold futures settled up 0.2% at $1,928.2.

"The U.S. dollar is finding some form of stability and in turn we could see gold prices heading lower into next week," said Daniel Ghali, commodity strategist at TD Securities.

The dollar was steady against its rivals, making gold more expensive for holders of other currencies.

However, recent weak U.S. economic readings and hawkish remarks from Fed policymakers fuelled worries over a global slowdown and prompted investors to seek refuge in the safe-haven metal.