Gold is about to achieve a weekly gain amid hopes that the US central bank will slow down the rate hike

Gold prices rose slightly on Friday, on track for a weekly gain, as it received support from a weaker dollar on signs that the Federal Reserve may soon slow the pace of raising interest rates.

Spot gold rose 0.2 percent to $1,758.41 an ounce by 0223 GMT, and has risen 0.5 percent so far this week. US gold futures rose 0.7 percent to $1,758.30.

Silver settled at $21.51, but rose by about three percent during the week.

Minutes of the November 1-2 meeting on Wednesday showed that a “significant majority” of Fed policymakers agreed that it “would soon be appropriate” to slow the pace of interest rate hikes.

That put the dollar on a weekly downward trajectory, making gold cheaper for overseas buyers.

The Fed announced its fourth consecutive rate hike of 75 basis points earlier this month, and analysts widely expect it to raise rates by 50 basis points at its December meeting.

Gold is considered a tool to hedge against inflation, but high interest rates discourage investment in the precious metal, which does not generate a fixed return.

Platinum was little changed at $988.08, while palladium rose 0.2 percent to $1,883.40.