Gold Dips for Third Week Amid Dollar Surge

Gold prices recorded a slight decline on Friday, heading for a third consecutive weekly drop, negatively impacted by the rising dollar and signals leaning towards monetary tightening from the Federal Reserve (the US central bank), affecting the non-yielding metal. Spot gold fell by 0.5% to $4189.26 per ounce, while US gold futures for August delivery dropped by 0.9% to $4207.80. The dollar remained near its one-year high, increasing the cost of gold priced in the US currency for holders of other currencies.