Gold Gains Over 1 Percent, but Set for Monthly Decline

An ingot of 99.99 percent pure gold is cast at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia, on March 10, 2022. Alexander Manzyuk/Reuters

Gold prices rallied 1 percent on Friday on the back of a retreat in the dollar, but the metal was set to end the month lower on bets of aggressive policy tightening by the U.S. Federal Reserve.

Spot gold was up 0.7 percent at $1,908.20 per ounce by 1607 GMT. However, it was on course its first monthly drop since January with a decline of 1.5 percent so far in April.