Gold is near its lowest level in about 4 months, after Powell hinted to raise interest rates

Gold settled near its lowest level in four months on Friday, as investors awaited important US inflation data later on Friday, after a group of strong data and statements in favor of monetary tightening from Federal Reserve officials increased bets on raising interest again.

And gold settled in the spot market at $ 1907.78 an ounce by 0316 GMT, while US gold futures fell 0.1 percent, to record $ 1915.80 an ounce.

The dollar index settled near its highest level in two weeks, which it recorded in the last session, which raises the price of gold for holders of other currencies.

Data released during the week painted a picture of a resilient US economy, which eased some fears of an imminent recession but raised expectations that the US central bank will resume tightening monetary policy.

The price of gold usually rises during times of economic or financial uncertainty, but higher interest rates reduce the attractiveness of the yellow metal, which does not yield a return.

US Central Bank President Jerome Powell indicated at a meeting in Madrid on Thursday that the bank is likely to raise interest rates at least twice more until the end of the year.

Gold is heading for its first weekly decline in three weeks, losing 3.1 percent so far.

Spot silver rose 0.2 percent to $22.59 an ounce, while platinum rose 0.7 percent to $900.22, and palladium rose 0.8 percent to $1,239.