Due to the relaxation of the US dollar, the price of gold rose on Friday and looked set to record its biggest weekly gain since mid-January. Traders were evaluating the prospects for further rate hikes by the Federal Reserve.

At 03:58 GMT, spot gold was up 0.2% to $1,838.84 per ounce. It has increased by around 1.5% so far within the week. U.S. gold futures rose 0.2% to $1,844.20. With interest rate hikes aimed at containing high inflation, investors are discouraged from investing their money in non-productive assets like gold. According to Ilya Spivak, head of global macro at Tastylive, “there was a bit of a stand before what is the main risk of events remaining for the week, which is a bunch of different FedSpeaks and the ISM number of services.”

Platinum added 0.3% to $962.48, cash rose 0.4% to $20.98 per ounce, and palladium rose 0.2% to $1,452.12. All three metals were poised for weekly gains. Platinum for its part was on track for its best week since November.