Gold loses its luster with the rise of USD

Gold prices fell on Friday as the dollar rose to a ten-week high, but the precious metal was set to post its best performance in six weeks ahead of a speech by Federal Reserve Chairman Jerome Powell that could provide clues about interest rate movements.

Gold futures fell 0.2 percent to $1,913.10 an ounce by 0527 GMT. US gold futures fell 0.3 percent to $1,941.30.

Gold has risen about 1.3% since the beginning of the week, which could be the first week of gains this month, with prices climbing to the highest level since Aug. 10 on Thursday.

And the dollar is on its way to gaining for the sixth week in a row, which makes gold more expensive for buyers holding other currencies.

For more clues about the path of interest rates, investors will focus on remarks by Powell and European Central Bank President Christine Lagarde expected later Friday at an annual economic symposium in Jackson Hole, Wyoming.

As for other precious metals, silver fell in spot transactions by 0.4 percent, to $ 24.05 an ounce, and platinum settled at $ 932.60. Palladium fell 0.7 percent to $1,232.13.

Silver and platinum are heading for their best week since July 14. Palladium is about to decline for the second week in a row.