Gold Slips as Stronger Dollar Points to a Second Weekly Loss

Gold prices edged lower on Friday and were set for a second straight weekly decline, as a stronger dollar and rising oil prices reinforced expectations of higher interest rates. The move weakened demand for the metal by making it more expensive for buyers using other currencies. Spot gold fell 0.4% to $4,522.89 per ounce, leaving it down about 0.3% for the week. U.S. gold futures also declined 0.4% to $4,524.40. The dollar was trading near a six-week high, adding pressure on bullion markets. A stronger greenback typically reduces the appeal of gold for international buyers. Markets are currently pricing in a 60% chance of an interest rate increase by the end of the year. That outlook has helped support the dollar and added to the downward pressure on gold.