Gold prices are declining and heading to record the largest weekly loss in a month

The price of gold fell on Friday, due to the impact of the rise in the dollar and US Treasury bond yields on the demand for the precious metal priced in the US currency, and prices are heading for the largest weekly decline since mid-May.

And gold fell in spot transactions 0.6 percent to $ 1846.33 an ounce by 0553 GMT. US gold futures also fell 0.1 percent to $ 1849.

Gold lost about 1.3 percent in volatile trading during the week, after starting near the peak of a month before falling to its lowest level in four weeks on Tuesday.

Global stocks are heading for the worst week since the markets collapsed at the beginning of the pandemic in March 2020, with investors worried about growth with rising global interest rates.

The US Federal Reserve this week announced its largest interest rate hike since 1994, as it seeks to rein in spiraling inflation. Raising interest rates in the United States increases the opportunity cost of holding non-returning gold.

Spot silver fell 0.3 percent to $21.87 an ounce. Platinum also fell 0.2 percent to $ 948.50, while palladium rose 1.8 percent to $ 1912.69, and the two metals are heading to incur a weekly loss.