Gold prices were trading lower on Friday, all set to register the fourth consecutive week of decline amidst a rise in the U.S. dollar and the Federal Reserve raising key interest rates.
Gold futures were trading in the red at $1,813 per ounce as of May 13, 14:11 UTC, at which time the U.S. dollar index futures were trading up at around 104. After Russia invaded Ukraine on Feb. 24, gold saw a rapid spike, moving up from $1,911 per ounce to peak at around $2,078 per ounce on March 8, an increase of 8.74 percent.
However, it has since slipped from these highs, declining for the past three weeks. For this week, gold has fallen by 3.71 percent after opening at $1,883 per ounce. In contrast, the U.S. dollar index futures have been rallying since Feb. 24, moving up from 96 to the current 104, an increase of 8.33 percent.
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