Gold is heading for its third weekly decline
New York, March 20 / WAM / Gold prices witnessed a slight increase today, Friday, but they are heading for a decline for the third week in a row, under pressure from the strength of the dollar and the Federal Reserve’s tendency to tighten monetary policy, which has weakened hopes for lowering interest rates in the near term.
Gold in instant transactions increased 0.2% to $4,657.50 per ounce by 01:12 GMT.
The precious metal has fallen by more than 7% since the beginning of the week until now.
US gold futures for April delivery rose 1.1% to $4,657.90.
As for other precious metals, silver in spot transactions increased 0.1% to $73 per ounce, while the price of platinum in spot transactions rose 0.1% to $1972.80, and palladium rose 0.4% to $1452.21.
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