Gold is poised for its worst week since February

On Friday, gold prices are heading for the largest weekly loss since February, as the dollar received support from expectations of the Federal Reserve raising interest rates again this year, which pushed the non-yielding yellow metal to its lowest level in more than three months.

By 0246 GMT, spot gold fell 0.1% to $1911.32 an ounce, down 2.4% for the week. US gold futures fell 0.1 percent to $1,921.20.

The dollar index rose, heading for weekly gains, making gold less attractive to investors abroad.

Federal Reserve Chairman Jerome Powell said yesterday, Thursday, on the second day of his congressional testimony, that the US central bank will move interest rates again, albeit at a “cautious pace.”

Higher interest rates make gold less attractive.

As for other precious metals, spot silver fell 0.5 percent to $22.1238 an ounce, and platinum fell 0.4 percent to $919.23.

Palladium also fell 0.3 percent to $ 1,280.14, after hitting its lowest level since May 2019 in the previous session.