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Gold prices stabilized during trading Friday, July 23, but are heading for the first weekly decline in five weeks, as the rally in the dollar made the metal more expensive for holders of other currencies.
The spot price of gold settled at $1807.45 an ounce by 06:34 GMT, recording a 0.2% decrease since the beginning of the week.
US gold futures contracts hit $ 1806.20. The lack of volume direction may encourage some consolidation around the current $1800/ounce area.
The US dollar is hovering around its highest level in three and a half months against other major currencies and is heading for the second weekly rise in a row.
Regarding other metals, silver fell 0.2% to $ 25.40 an ounce, heading for the third weekly decline, while palladium rose 0.4% to $ 2727.94, and platinum settled at $ 1092.71.
