Gold set for worst week in over 3 years

Gold prices were little changed on Friday, but were set for their worst week in over three years, pressured by a stronger dollar amid expectations of fewer interest rate cuts by the Federal Reserve.

Spot gold was up 0.1% at $2,569.69 an ounce by 03:08 GMT after a five-day slide. It has fallen more than 4% so far this week.

Gold hit a two-month low in the previous session and is down more than $220 from its record peak last month, according to Reuters.

US gold futures were up 0.1% at $2,574.50.

The dollar has continued its upward march this week since Donald Trump won the US presidential election, making gold more expensive for holders of other currencies.

Gold’s weakness reflects expectations of tighter U.S. monetary policy in 2025 under Trump, said Fawad Razaqzadeh, market analyst at Forex.com. Higher interest rates increase the opportunity cost of holding non-yielding gold.