Singapore, June 19 (QNA) – Gold prices edged lower on Friday and were on track for a third consecutive weekly decline, pressured by a stronger US dollar and growing concerns over a potential interest rate hike by the US Federal Reserve.
Spot gold fell nearly 2 percent to USD 4,125.68 per ounce, while US gold futures for August delivery declined 0.9 percent to USD 4,207.80 per ounce.
The precious metal came under pressure as the dollar strengthened and the Federal Reserve signaled a hawkish monetary policy stance, reducing the appeal of non-yielding assets such as gold.
In other precious metals trading, spot silver fell 0.8 percent to USD 65.32 per ounce, platinum declined 0.9 percent to USD 1,680.87, and palladium slipped 0.5 percent to USD 1,272 per ounce. (QNA)
