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Gold Faces First Weekly Decline in Month

Gold costs slipped to a three-week low on Friday and was en path to its first weekly drop in a month, pressured by a stronger greenback and rising U.S. bond yields.

Spot gold fell for a fifth straight session, down 0.3% at $1,753.84 U.S. per ounce early Friday morning, which might be its longest shedding streak since November 2021. U.S. gold futures slipped 0.2% to $1,767.00.

Dragged by the greenback’s renewed ascent and a gentle rise in benchmark U.S. 10-year Treasury yields, costs of zero-yield, greenback-priced gold are down 2.7% this week.

A number of U.S. Federal Reserve officers mentioned on Thursday that the central financial institution must preserve elevating rates of interest to convey excessive inflation below management.

Rising charges enhance the chance price of holding non-yielding bullion.

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