Gold poised for a third consecutive weekly decline amid strong US Federal Reserve stance and a robust US dollar

Gold Prices Edge Higher Amid Technical Buying

On Friday, gold prices experienced an uptick due to technical buying, though the precious metal remained on track for its third straight week of losses. This downward trend was largely influenced by a robust U.S. dollar and the Federal Reserve's continued hawkish stance, which has dampened expectations for imminent interest rate reductions.

As of 02:57 GMT, spot gold climbed 1.1% to $4,700.97 per ounce, recovering after reaching its lowest point in nearly two months during the previous session. Meanwhile, U.S. gold futures for April delivery advanced 2.1% to $4,701.30.

Nicholas Frappell, global head of institutional markets, noted, "Gold managed to maintain key technical support on the weekly chart, and there is potential for a rebound toward the $4,800 level, where the recent breakdown occurred."