Gold prices up, but still head for weekly losses

Gold prices rose today, Friday, due to the decline in the US dollar, but it is still heading towards incurring its first weekly loss in three weeks, affected by indications from Federal Reserve officials (the US Central Bank) that more interest rate hikes are on the way.

By 0433 GMT, gold rose in spot transactions by 0.16 percent, to $1763.65 an ounce, heading towards a weekly loss of about 0.4 percent.

According to Reuters, US gold futures rose 0.2 percent to $1,765.60 an ounce.

Fitch Solutions stated in a note that gold is still receiving support from the growing recession fears, the ongoing Ukrainian war and the rise of the US dollar.

Although gold is considered a hedge against inflation, the rise in interest rates and the yield on Treasury bonds increases the opportunity cost of possessing the precious metal that does not yield interest.

As for other precious metals, silver rose in spot transactions by 0.8 percent, to $ 21.12 an ounce.

Platinum rose 0.5 percent to $984.48 an ounce. Palladium increased 0.7 percent, to $ 2020.19 an ounce.

However, all precious metals are heading towards ending the week lower.