Gold ticks lower on Friday as dollar rises, silver drops over 2%

Gold prices inched lower today, Feb. 17, amid forecasts that the Federal Reserve will hike interest rates after strong economic data.

US Fed officials said this week that the monetary policy should remain tightened to bring inflation lower to the central bank’s target of 2%.

Gold futures for April delivery traded 1.09% lower, at $1.831.7 per ounce at 01:45 pm Makkah time. Spot gold edged down 0.72% to 1,823.21 per ounce.

The precious metal shed nearly 2.2% this week, and is bound for the third straight weekly fall.

Silver futures for March delivery fell 2.40% to $21.19 per ounce. Spot platinum prices were down 0.40% to $918.63. Palladium also dropped 2.96% to $1,467.27.