Gold Rises as The Dollar’s Fall Overshadows Interest Rate Concerns

Gold prices increased Friday, May 14, on the back of the dollar’s decline, but the gains were limited after data showed a rise in inflation in the United States, which fueled fears of a faster rate hike than expected.

The spot price of gold rose 0.2% to $1829.61 an ounce. US gold futures advanced 0.2% to $1827.40. The mineral has stabilized on a weekly basis.

The dollar index fell 0.1% against other major currencies, making gold less expensive for holders of other currencies.

As for the other precious metals, palladium gained 1.8% to $ 2,914.28 an ounce. Silver increased 0.1% to $ 27.09, while platinum rose 0.9% to $ 1216.69.