Gold gains as dollar weakens; still on track for fourth straight weekly loss

EconomicTimes2026/06/27 03:57

By:EconomicTimes

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Gold rose on Friday as the dollar weakened and expectations of U.S. interest rate hikes eased slightly following inflation data, though prices were still on track for a fourth consecutive weekly decline.

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Spot gold was up 1.3% at $4,077.64 per ounce by 1:35 p.m. EDT (1735 GMT).

U.S. gold futures for August delivery settled 1.2% ‌higher at $4,096.30 ⁠per ounce.

The ⁠U.S. dollar eased from recent highs after the release of the Fed's preferred inflation gauge on Thursday. [USD/]

The U.S. Personal Consumption Expenditures Price Index surged 4.1% in the 12 months through May, matching economists' forecasts in a Reuters poll.

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Traders are pricing in about a 59% chance of a U.S. rate hike in September, lower than an ⁠earlier expectation ‌of 64%, according to CME Group's FedWatch Tool.

Gold is seeing a modest rebound after coming under selling pressure earlier ⁠this week, said Jim Wyckoff, a market analyst at American Gold Exchange.

Higher interest rates and tighter monetary policy reduce the appeal of non-yielding bullion, as they tend to boost bond yields and increase returns on interest-bearing assets.

Spot gold hit more than a seven-month low earlier this week and prices were down 2.1% for the week.

TD Securities said in a note ‌that given gold's inverse relationship with both higher oil prices and a stronger U.S. dollar, sustained strength in energy markets could put further downward ⁠pressure on the precious metal in the months ahead. [O/R]

Gold started trading at a premium in India this week for the first time in a month and a half, as a price correction lifted buying, while demand stayed subdued in China, the top consumer. [GOL/AS]

Among other precious metals, spot silver rose 2.2% to $59.12 per ounce. Platinum gained 2% to $1,632.80 and palladium jumped 2.5% to $1,213.87. All three were headed for weekly declines.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Gold gains as dollar weakens; still on track for fourth straight weekly loss

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