Gold prices recorded a weekly loss for the third consecutive time, weighed down by a stronger dollar and an increasingly hawkish tone from the Federal Reserve regarding the prospects of interest rate hikes in the coming period.
The precious metal, which yields no periodic return, declined 1.55% since the start of the week, reaching a level of approximately $4,184 per ounce, while silver prices fell 4.51% over the same period.
The US-Iran agreement had provided gold with temporary support at the start of trading, but the impact of dollar strength and expectations around US monetary policy remained the dominant factor pressuring the yellow metal and pushing it lower.