Gold falls after six-day advance on stronger dollar
Gold prices fell on Friday, cutting off six sessions of gains as the dollar’s firmness detracted some shine from the gold metal, although concerns about persistent inflation kept the bullion on track to close its second week on the rise. Spot gold was down 0.6% at $ 1,851.31 an ounce, after hitting a five-month peak the day before. US gold futures were down 0.6% at $ 1,852.80. The dollar advanced to its highest since July 2020, making gold more expensive for buyers with other currencies. However, bullion is still on track to close the week higher, after consumer prices in the United States posted their steepest rise in more than 30 years last month and boosted demand for gold, seen as a hedge against to inflation. In other precious metals, spot silver was down 1.3% at $ 24.89 an ounce; platinum was down 1.8% at $ 1,065.85; and palladium was 1.5% down at $ 2,027.97.