Gold Set to Fall For 4th Week as Dollar Spikes

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia, on March 10, 2022. Alexander Manzyuk/Reuters

Gold prices were trading lower on Friday, all set to register the fourth consecutive week of decline amidst a rise in the U.S. dollar and the Federal Reserve raising key interest rates.

Gold futures were trading in the red at $1,813 per ounce as of May 13, 14:11 UTC, at which time the U.S. dollar index futures were trading up at around 104. After Russia invaded Ukraine on Feb. 24, gold saw a rapid spike, moving up from $1,911 per ounce to peak at around $2,078 per ounce on March 8, an increase of 8.74 percent.