Khaberni - Gold prices slightly declined on Friday, heading towards the third consecutive weekly drop, affected negatively by the rise of the dollar and the monetary tightening signals issued by the Federal Reserve (the American central bank) on a yield-less metal.
Gold fell in spot transactions by 0.5% to $4189.26 per ounce by 0043 GMT. American future gold contracts for August delivery dropped by 0.9% to $4207.80.
The dollar remained near its highest level for the year, increasing the cost of gold priced in American currency for holders of other currencies.
Oil tankers navigated through the Strait of Hormuz and the United States announced that it has lifted its blockade on Iran on Thursday as a temporary agreement to end the war came into effect, although the main issues between the two countries remain unresolved.
The inflationary pressures resulting from the Iran war have become so high that central banks around the world can no longer ignore them. A growing number of central banks, led by the American one, have either raised borrowing costs or signaled imminent steps to curb rising prices.
Regarding other precious metals, silver in spot transactions fell by 0.8% to $65.32 per ounce, platinum dropped by 0.9% to $1680.87, and palladium decreased by 0.5% to $1272.
