Gold prices fall, set for best weekly performance since April

Gold prices declined on Friday, but they are heading for their best weekly performance since April.

Federal Reserve Bank of San Francisco President Mary Daly said it’s too soon for policymakers to say they have done enough to return US inflation to their target, CNBC reported.

Federal Reserve Governor Christopher Waller said he expects the US central bank will need to raise interest rates twice more this year to bring inflation down to its target.

Gold prices for August delivery fell 0.23%, or $4.6, to $1,959 an ounce at 10:41 am Makkah time.

Spot prices decreased 0.21% to $1,956.

Silver futures for September delivery stabilized at $24.94 per ounce, and spot platinum prices were down 1.1% at $966.29.

The dollar index, which measures the performance of the US currency against a basket of six major currencies, rose 0.14% to 99.92 points.

Source: Argaam