Gold edges lower as US dollar strengthens; focus shifts to upcoming inflation report
Gold Slips as Dollar Strengthens Ahead of Inflation Data
On Friday, gold prices experienced a slight decline as the US dollar climbed to its highest level in nearly a month. Investors remained cautious, looking ahead to a significant inflation report expected later in the day, which could provide further insight into the direction of US monetary policy.
By 0149 GMT, spot gold had fallen by 0.1% to $4,995.91 per ounce. Meanwhile, US gold futures set for April delivery rose 0.3% to $5,013.60 per ounce.
The dollar was on track to record its strongest weekly gain since October, bolstered by a series of robust economic indicators, a more aggressive stance from the Federal Reserve, and ongoing geopolitical tensions between the US and Iran, which continued to unsettle financial markets.
It is also worth noting that markets in mainland China, Hong Kong, Singapore, and Taiwan remained closed.
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