Abu dhabi: Gold prices saw a slight increase on Friday, but are heading for a decline for the third consecutive week, pressured by the strength of the US dollar and the US Federal Reserve's inclination toward monetary tightening, which has dampened hopes for a near-term interest rate cut. Spot gold rose 0.2% to $4,657.50 per ounce as of 0112 GMT. The precious metal has fallen by more than 7% since the beginning of the week so far. US gold futures for April delivery increased by 1.1% to $4,657.90.
According to Emirates News Agency, other precious metals also experienced slight gains. Spot silver rose 0.1% to $73 per ounce, while spot platinum increased 0.1% to $1,972.80, and palladium rose 0.4% to $1,452.21. The firming of the US dollar continues to exert pressure on the gold market, as investors anticipate the potential for further monetary tightening by the Federal Reserve, which could impact interest rate expectations.