Gold set for weekly dip on faster rate hike prospects

Gold set for weekly dip on faster rate hike prospects

Gold prices inched higher on Friday but were set for their first weekly decline in three as rising inflation fuelled bets of quicker interest rate hikes and dented bullion’s appeal. Spot gold rose 0.2% to $1,861.43 per ounce by 0241 GMT, but was down 0.1% so far in the week. U.S. gold futures also gained 0.2% to $1,864.00.

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