BENGALURU: Gold prices held steady on Friday, but were poised for a third consecutive weekly loss pressured by a stronger dollar and diminished expectations for US rate cuts, while uncertainty from US tariffs on trading partners offered support.
Spot gold was steady at $3,293.56 per ounce, as of 12:34 p.m. Saudi time. Bullion is down 1.4 percent so far this week.
US gold futures edged down 0.1 percent to $3,344.60.
The dollar index hit its highest level since May 29, making gold more expensive for other currency holders.
“Gold remains weighed by reduced bets for Fed rate cuts for the rest of 2025. This week’s US GDP, weekly jobless claims, and PCE figures also shored up the Fed’s reluctance to commit to a rate cut,” said Han Tan, chief market analyst at Nemo.Money.
