FX.co ★ Gold Holds Steady As Dollar Marches Higher

Gold prices held steady on Friday but were on track for weekly losses amid concerns over rising U.S. interest rates.

Spot gold was virtually unchanged at $1,822.41 per ounce as the dollar index inched higher and remained on course to post a fourth consecutive weekly gain. U.S. gold futures were up 0.1 percent at $1,829.25.

The dollar index eased off a seven-week high hit on Thursday, making bullion less expensive for buyers holding other currencies.

New claims for unemployment benefits unexpectedly fell last week, pointing to a persistently tight labor market, while the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2022, separate reports released overnight showed.

Investors await the release of the U.S. personal consumption expenditures index, which is a key price gauge for the Fed, later in the day to assess the prospect for further interest-rate hikes from the U.S. central bank.