Gold Prices Decline Amid Strong Dollar

Gold prices remained relatively stable on Friday but were on track for their worst week in over three years, primarily due to a stronger U.S. dollar and diminishing expectations for Federal Reserve rate cuts. Spot gold rose slightly to $2,569.69 per ounce, yet it had dropped more than 4% for the week and over $220 from last month's peak. Federal Reserve Chair Jerome Powell indicated that steady economic growth and persistent inflation justified a cautious approach to rate cuts. The market now sees only a 59% chance of a 25-basis-point rate cut in December, down from 83% previously. Other precious metals like silver and platinum also faced declines, with spot silver at $30.52 per ounce. Analysts noted that despite these pressures, gold could rebound next week amid a quiet U.S. calendar and potential safe-haven demand due to political uncertainties.