Gold Set to Record Worst Performance in Six Weeks

Gold prices increased today, Friday, but are heading towards their worst week in six weeks as the dollar and bond yields rise following the Federal Reserve officials dispelling expectations of an early interest rate cut. By 07:43 GMT, spot gold rose by 0.2 percent to $2027.39 an ounce, but has decreased by more than one percent since the beginning of the week. U.S. gold futures increased by 0.4 percent to $2029.60. The dollar index fell by 0.1 percent but has gained about one percent since the start of the week, making gold, priced in U.S. currency, more expensive for holders of other currencies. U.S. 10-year Treasury yields rose to a five-week high of 4.1730 percent. According to the IRPR application measuring interest rate probabilities from the London Stock Exchange Group, markets are betting on a rate cut of 141 basis points this year, down from 150 points the previous week. For other precious metals, spot silver rose by 0.2 percent to $22.79 an ounce, platinum increased by 0.6 percent to $912.78, and palladium rose by 0.4 percent to $941.49.