Gold prices rose slightly in Asian trading today but are on track for a weekly decline as markets anticipate the US Federal Reserve’s decision on interest rates. Spot gold increased 0.2% to $2,488.74 an ounce, while US gold futures rose 0.3% to $2,524.30. Despite the gains, prices have dropped about 1% this week after reaching a record high of $2,531.60 on Tuesday.
The weekly decline is attributed to a stronger dollar and higher benchmark 10-year US bond yields following an unexpected rise in the unemployment rate.
In other precious metals, silver increased 0.2% to $29.03 per ounce, platinum rose 0.7% to $950.55, and palladium also gained 0.7%, reaching $926.75.
