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Gold prices stabilized on Friday, but are heading for their first weekly decline in five weeks as the rising dollar made the metal more expensive for holders of other currencies and was supported by lower yields American bonds.
And the price of gold settled in spot trades at $ 1,807.45 an ounce at 0634 GMT. And gold is down 0.2% since the start of the week. US gold futures contracts stood at $ 1,806.20.
The dollar index is close to its highest level in three and a half months against other major currencies, and is heading for a second consecutive weekly rise.
“We expect gold to remain stuck in a range in the coming weeks. However, inflation will remain a major driver of gold prices in the months to come, supporting prices in the near term,” Fitch Solutions said in a note.
Giving some support to gold, yields on US Treasuries fell.
Silver fell 0.2% to $ 25.40 an ounce and is heading for its third weekly decline.
Palladium rose 0.4% to $ 2,727.94 and platinum came in at $ 1,092.71.
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