Gold heads for fourth weekly gain on bruised U.S. dollar

2022-08-12T06:06:18.000000Z

Shafaq News / Gold prices steadied on Friday and were on track for their fourth consecutive weekly gain, as broader weakness in the dollar countered pressure from an uptick in the Treasury yields and prospects of U.S. interest rate hikes.

Spot gold held its ground at $1,789.81 per ounce, as of 0319 GMT, and has gained nearly 1% so far this week.

U.S. gold futures eased 0.2% to $1,804.20.

The dollar was set for its third weekly loss in four, making gold less expensive for other currency holders.

Weighing on gold by increasing the opportunity cost, benchmark U.S. 10-year Treasury yields hovered near a three-week peak.

Spot silver eased 0.2% to $20.34 per ounce, platinum fell 0.1% to $955.16, and palladium slipped 0.6% to $2,262.53.

(Reuters)

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