STRONG DOLLAR PRESSURES GOLD INTO A MONTH-LONG LOSING STREAK
Gold teetered near a three-month low on Friday as the soaring US dollar stifled demand for greenback-priced bullion, leading it to its fourth losing week.
Earlier today, spot gold remained unchanged at $1,823.25 per ounce while US gold futures fell 0.1% percent to $1,823.00.
Concerns that the Federal Reserve’s hawkish moves could hamper economic growth bolstered the US dollar, propelling it near a fresh two-decade high on Thursday.
Putting further pressure on gold is the Federal Reserve’s half-a-percentage point rate hike, which led to a 3.1% decline in the yellow metal’s price.
Since its near-record level was made at the onset of Russia’s invasion of Ukraine, gold has lost about 12%, erasing almost all gains made this year.