Strong Dollar Pressures Gold Despite Increase, Markets Await Inflation Data
Gold prices rose on Friday but are headed for a weekly loss as the dollar reached its highest level in nearly a month. Investors are closely watching for important inflation data later today, seeking new indications regarding the monetary policy direction of the U.S. Federal Reserve.
Gold in spot trading increased by 0.4% to reach $5,020.95 per ounce by 07:01 GMT. Meanwhile, U.S. gold futures for April delivery climbed 0.8% to $5,037.60.
In other precious metals, silver rose 0.6% to $78.83 per ounce, platinum increased by 0.8% to $2,085.64, and palladium saw a 0.4% gain to $1,691.62 per ounce.
