/images/ppid_59c68470-image-17794275583393310.webp)
/images/ppid_59c68470-image-177915760188450396.webp)
/images/ppid_59c68470-image-177915512067024615.webp)
/images/ppid_59c68470-image-177915508865427016.webp)
What is the story about?
Gold prices edged lower on Friday, May 22, pressured by a strengthened US dollar and as oil prices raised interest rate hike expectations from the US Federal Reserve.
Spot gold declined 0.3% to $4,527.60 per ounce. It has shed around 0.2% this week, so far.
US gold futures for June delivery lost 0.3% to $4,529.10.
The dollar held near a six-week high, making greenback-priced bullion more expensive for holders of other currencies.
US Secretary of State Marco Rubio said there had been "some good signs" in talks with Iran, although Tehran's uranium stockpile and control over the Strait of Hormuz remained sticking points.
Oil prices climbed as investors doubted the prospects of a breakthrough in the US-Iran peace talks. Elevated oil prices stoke inflation risks, increasing chances of interest rates staying higher for longer.
While gold is traditionally seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.
Markets are pricing in a Fed rate hike before year-end, with a 60% chance of a move by December, according to CME Group's FedWatch tool. FEDWATCH
US President Donald Trump will swear in Kevin Warsh as the US Fed chair on Friday at the White House, the Trump administration said.
How businesses and consumers respond to ongoing economic shocks will determine if the Fed can "look through" current high inflation or needs to consider raising interest rates, Richmond Fed President Thomas Barkin said on Thursday.
Spot silver fell 0.2% to $76.53 per ounce, but was headed for a weekly gain of 0.8%. Platinum lost 0.5% to $1,955.66 and palladium fell 0.2% to $1,375.35, with both metals on course for a weekly loss.
With inputs from Reuters
Spot gold declined 0.3% to $4,527.60 per ounce. It has shed around 0.2% this week, so far.
US gold futures for June delivery lost 0.3% to $4,529.10.
The dollar held near a six-week high, making greenback-priced bullion more expensive for holders of other currencies.
US Secretary of State Marco Rubio said there had been "some good signs" in talks with Iran, although Tehran's uranium stockpile and control over the Strait of Hormuz remained sticking points.
Oil prices climbed as investors doubted the prospects of a breakthrough in the US-Iran peace talks. Elevated oil prices stoke inflation risks, increasing chances of interest rates staying higher for longer.
While gold is traditionally seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.
Markets are pricing in a Fed rate hike before year-end, with a 60% chance of a move by December, according to CME Group's FedWatch tool. FEDWATCH
US President Donald Trump will swear in Kevin Warsh as the US Fed chair on Friday at the White House, the Trump administration said.
How businesses and consumers respond to ongoing economic shocks will determine if the Fed can "look through" current high inflation or needs to consider raising interest rates, Richmond Fed President Thomas Barkin said on Thursday.
Spot silver fell 0.2% to $76.53 per ounce, but was headed for a weekly gain of 0.8%. Platinum lost 0.5% to $1,955.66 and palladium fell 0.2% to $1,375.35, with both metals on course for a weekly loss.
With inputs from Reuters
/images/ppid_59c68470-image-177933262778456994.webp)
/images/ppid_59c68470-image-177934004080985493.webp)
/images/ppid_59c68470-image-177936754262031521.webp)
/images/ppid_59c68470-image-177930253453979158.webp)
/images/ppid_59c68470-image-177941253609571514.webp)
/images/ppid_59c68470-image-177925511158120801.webp)
/images/ppid_59c68470-image-177924003396674826.webp)