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Gold prices fall with record new dollar high

UNITED STATES (OBSERVATORY) –¬†Gold prices fell on Friday under the weight of the dollar, but some traders pointed to signs of recovery.

All three metals are heading towards weekly losses.

At 1025 GMT, the spot price of gold was down 0.3 percent at $ 1286.56 an ounce after hitting the lowest level since Dec. 27 at $ 1285.41.

The metal is heading towards its biggest weekly loss since early December.

US gold futures for June delivery fell 0.3 percent to $ 1286 an ounce.

“There are many factors that point to an upward shift in precious metals, so we are exploiting this weakness as an opportunity to buy,” said Gianclaudio Torrielsi, director at Milan’s T-Commodore consultancy.

The dollar index rose to a five-month high on Friday as record US Treasury yields hit their highest level in nearly seven years.

Silver lost 0.2 percent on spot trade to $ 16.39 an ounce.

Palladium fell 0.2 percent to $ 975.72, while platinum fell 0.7 percent to $ 882.49 an ounce after hitting a five-month low of $ 879 on Thursday.