Gold is rising, but it is still heading towards a weekly loss

Gold prices rose on Friday, November 18, due to the decline in the US dollar, but it is still heading towards its first weekly loss in 3 weeks, affected by indications from US Federal Reserve officials that more interest rate hikes are on the way.

By 04:33 GMT, spot gold rose 0.16% to $1,763.65 an ounce, heading for a weekly loss of about 0.4%.

US gold futures rose 0.2% to $1,765.60 an ounce.

Although gold is considered a hedge against inflation, higher interest rates and the yield on Treasury bonds increase the opportunity cost of holding the precious metal, which does not pay interest.

As for other precious metals, silver rose in spot transactions by 0.8% to $21.12 an ounce, platinum rose 0.5% to $984.48 an ounce, and palladium increased 0.7% to $2020.19 an ounce.

However, all precious metals are heading towards ending the week lower.