Gold Fails to Recover Worst Weekly Losses Since Early January

Gold prices rose on Friday for the second consecutive session, narrowing their weekly losses that remained the biggest since the first week of the year.

A decline by the U.S. Dollar (USD) across the board against major international currencies helped the rise of the yellow metal, which still scored weekly losses due to the rise of Treasury yields to record levels earlier this week.

Gold futures for April delivery increased by $2.40, or 0.1%, to close at $1,777.40 per ounce.

Earlier today, gold contracts fell to their lowest intraday level since June 2020 at $1,759.

The second consecutive daily rise for gold’s most active futures comes following four sessions of decline.

Accordingly, gold futures plunged by about 2.5% on a weekly basis, its worst weekly performance since January 8, 2021.