Gold futures dipped on April 14 after five weeks of consecutive gains, but rising inflation and safe haven demand driven by the Russia–Ukraine conflict have kept the precious metal on track for a second consecutive weekly gain, up about 1.2 percent.
U.S. gold futures declined 0.6 percent to $1,973.30 an ounce, while spot gold fell 0.5 percent to $1,967.91 per ounce by noon on April 14, after logging its fifth-straight gain on April 13 and posting its highest close since March 11.
Meanwhile, the dollar rose 0.7 percent, making gold more expensive for overseas buyers, and U.S. treasury yields this week have pulled back from three-year highs.
Gold is often held as a hedge against inflation and global shake-ups in the market, but interest rate hikes tend to raise the opportunity cost of holding nonyielding bullion.
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