A slight decline in gold due to concerns about rates

Gold prices fell slightly on Friday as investors worried that stronger-than-expected recent US economic data could prompt the Federal Reserve to continue raising interest rates for a longer period.

Spot gold fell 0.1 percent to $1,821.80 an ounce, by 0745 GMT. While US gold futures rose 0.2 percent to $1,831.00.

Gold is likely to fall for the fourth week in a row and has fallen by about 1 percent in this period.

Thursday’s data showed revised US gross domestic product increased 2.7 percent year-on-year in the previous quarter. While the number of Americans who filed for new unemployment benefits unexpectedly fell last week.

Separately, the data showed the personal consumption expenditures price index in the fourth quarter rose 3.7 percent, revised from the previous estimate of 3.2 percent.

Thursday’s reports are the latest in a string of data that has raised concerns about keeping interest rates at higher levels for longer.

The dollar index was little changed, making bullion more expensive for buyers abroad.

As for other currencies, spot silver fell 0.5 percent to $21.19 an ounce, platinum fell 0.3 percent to $944.32, and palladium fell 0.8 percent to $1438.19 an ounce.