On Friday, the price of gold rose, supported by a weaker dollar and expectations of a slowdown in interest rate hikes by the U.S. Federal Reserve. He is on track for a fourth consecutive weekly win.

At 02:34 GMT, spot gold was up 0.1% to $1,898.57 per ounce, while prices have gained 1.8% so far this week. U.S. gold futures rose 0.1% to $1,899.60. According to Marex metals analyst Edward Meir, “gold generally increases when inflation increases. But we see gold continuing to rise despite inflation cooling because the market is looking at a weaker dollar and smaller interest rate hikes.” For him, “prices are facing some resistance around the $1,900 level, so maybe he's not going to keep pushing higher, there could be sales at these levels.

In reality, gold is considered to be a hedge against inflation. However, rising interest rates are increasing the opportunity cost of holding this asset. Palladium slipped 0.6% to $1,780.91, platinum gained 0.1% to $1,068.79, while cash rose slightly by 0.1% to $23.79. These three metals were headed for a weekly decline.