NEW YORK: Gold rose to a one-week high as the dollar retreated from recent highs on Friday but bullion was headed towards its worst quarter since March last year, buckling under fears of impending large interest rates by the US Federal Reserve.
Spot gold rose 0.4% to $1,666.79 per ounce by 12:24 a.m. EDT (1624 GMT) and has gained 1.4% so far this week. US gold futures added 0.5% to $1,677.10.
“The gold market’s at an area where we can see some movement higher (but) that’s all dependent on what the dollar does and rates going into the weekend,” said Daniel Pavilonis, senior market strategist at RJO Futures.
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