Gold, Silver Rates Today LIVE: Gold prices traded higher on Friday, but were headed for a third consecutive weekly decline, weighed down by a firm dollar and a hawkish US Federal Reserve that has dampened hopes for near-term interest rate cuts.
Spot gold price rose 0.2% to $4,657.50 per ounce. US gold futures for April delivery rose 1.1% to $4,657.90. Gold prices have declined more than 7% so far this week. Spot silver price gained 0.1% to $73 per ounce.
The dollar strengthened, making greenback-priced bullion more expensive for holders of other currencies.
The Strait of Hormuz remains closed amid the escalating US-Iran war in the Middle East, keeping crude oil prices elevated, which is adding to inflationary pressures. While rising inflation typically boosts gold’s appeal as a hedge, high interest rates curb demand for the non-yielding asset.
In other commodities, spot platinum prices rose 0.1% at $1,972.80 and palladium price gained 0.4% to $1,452.21
Stay tuned to this segment for the latest updates on gold and silver prices today.
