Gold is confined to a limited range amid expectations of a US rate hike

Gold traded in a limited range on Friday due to expectations of a large US interest rate hike, concern over rising inflation, and the economic fallout from the Ukraine crisis.

And the price of gold settled in spot transactions at 1931.53 dollars an ounce by 0858 GMT, but it recorded an increase of 0.4 percent during the week.

US gold futures fell 0.2 percent to $1,933.80 an ounce.

The dollar index rose earlier on Friday to its highest level since May 2020, after the minutes of the Federal Reserve’s Monetary Policy Committee meeting in March revealed that “many” policy makers were ready to raise interest rates in half-point increases. percentage during the upcoming meetings to reduce inflation.

The 10-year US Treasury yield touched a three-year high.

Gold is highly affected by higher interest rates and US Treasury yields, which increases the opportunity cost of holding non-yielding bullion.

Among other precious metals, silver rose in spot transactions 0.4 percent to $24.66 an ounce,

Platinum fell 0.1 percent to $961.67, and palladium rose 1.2 percent to $2,260.41, and the two metals are on their way to incur losses for the fifth consecutive week.