Gold Prices Decline in a Week amid Rising Dollar

Gold prices recorded a weekly decline as the dollar and bond yields increased, following signals from U.S. Federal Reserve officials that early interest rate cuts were unlikely. Gold fell approximately 1% for the week, reaching $2029.49 per ounce, despite a 0.30% rise in the last session of the week on Friday. The dollar index decreased by 0.1% but rose nearly 1% since the beginning of the week. A stronger dollar makes gold, priced in U.S. currency, more expensive for holders of other currencies. In addition, other precious metals also saw declines, with silver dropping 2.47% for the week to $22.6216 per ounce.