Gold set for weekly loss on stronger dollar, rate-hike bets

Gold edged lower on Friday and was headed for ‌its second consecutive weekly loss, pressured by a stronger dollar and higher oil prices that boosted expectations of interest rate hikes by the U.S. Federal Reserve. Spot gold was down 0.4% at $4,522.89 per ​ounce by 0222 GMT. The metal was down about 0.3% for the ​week so far. US gold futures for June delivery lost 0.4% to $4,524.40. The ⁠dollar held near a six-week high, making greenback-priced bullion more expensive for holders of ​other currencies. “What’s been driving (gold) lower has been the stronger dollar, which in turn is ​being elevated by ongoing high interest rates pretty much around the world,” said Edward Meir, an analyst at Marex.