Gold is heading for a weekly decline in light of the strength of the US economy

Gold rose slightly on Friday as the dollar retreated from its high levels, but the precious metal is still on track to record a weekly decline as investors focus on the increasingly strong US data.

Gold rose in spot transactions 0.3 percent to $1,925.14 per ounce by 0545 GMT, but it is heading for a weekly decline of 0.7 percent, and US gold futures rose 0.4 percent to $1,949.40.

The dollar fell 0.2 percent, but it is heading towards achieving the longest series of weekly gains in nine years, supported by a group of strong American economic data.

Data this week showed that the US services sector gained strength in August, while unemployment claims unexpectedly fell last week to their lowest level since February.

According to the CME Group’s FeedWatch service, market traders expect about 93 percent that the Federal Reserve will hold interest rates at its meeting on September 19-20, but they are betting on a 41 percent chance that it will raise interest rates again before 2024. .

As for other precious metals, silver rose in spot transactions 0.6 percent to $23.09 per ounce, and platinum increased 0.4 percent to $907.04, but they are heading toward their worst weekly performance since June 23.

Palladium rose 1 percent to $1,224.03, on its way to breaking a three-week losing streak.