Gold Prices Rise, but Remain Below Record Highs as Dollar Strength Persists
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Gold prices slipped on Friday as the dollar strengthened, but were still on track for a weekly gain after rallying to a record high in the previous session. Spot gold was down 0.9% at $2,160.63 per ounce as of 2:13 p.m. EDT (1813 GMT), and was up 0.2% for the week. US gold futures settled 1.1% lower at $2,160. The dollar hit its highest level in more than a month, making gold more expensive for other currency holders. Traders are now pricing in a 76% probability of a US rate cut in June, up from 65% before the rate decision. Lower interest rates reduce the opportunity cost of holding non-yielding gold. Investment flows into gold hit their highest level in almost a year in the week to Wednesday, according to Bank of America Global Research. Spot silver fell 0.6% to $24.62 per ounce, platinu...
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