Gold Makes Up For Some of Its Losses On Dollar

Gold prices rose today, Friday, by 1%, as the pause in the dollar’s rise to catch its breath compensated for some of its large losses driven by the US Federal Reserve’s shift towards a monetary tightening tone.

Spot gold rose 1.1% to $1,792 an ounce but fell 4.5% for the week. US gold futures gained 1% to $1,792.40.

As for other precious metals, palladium gained 1.6% to $ 2536.08 an ounce, but it is heading towards the worst week since March 2020 after a sharp drop of 11% recorded on Thursday.

Silver rose 1.8 percent to $26.38 an ounce but is down more than 5% for the week. Platinum jumped 1.7% to $ 1076.43.