Gold prices fell on Friday and posted the fifth consecutive weekly loss, as expectations of a massive interest rate hike by the US Federal Reserve supported the dollar and eroded the allure of bullion.
And the spot gold price stabilized at $1705.39 an ounce, but it lost regarding 2% this week, and US gold futures fell 0.13% to $1703.6.
The dollar has stabilized at a two-decade high, making bullion more expensive for foreign investors.
Two of the Fed’s more hawkish policymakers said on Thursday that they favor another 75 basis point rate hike this month.
Meanwhile, US retail sales increased more than expected in June.
Higher interest rates increase the opportunity cost of holding non-yielding bullion, and the market has also evaluated EU plans to adopt the seventh package of sanctions once morest Russia, which will add a ban on Russian gold imports.
Spot silver rose 1.48% to $18.656 an ounce, but recorded a weekly decline.
Platinum rose 0.30% to $846.06, while palladium fell 3.5 percent to $1831.07.
