Gold edges down and logs in weekly losses

Gold prices fell on Friday even as the dollar lost ground against a basket of major rivals, with the precious metal marking a weekly loss.

The decline came after the release of the Federal Reserve’s last meeting minutes, which showcased the concerns of the members regarding persistently high inflation rates.

Thus it’s now less likely that the Fed will start cutting interest rates in the summer. 

Earlier data from the University of Michigan showed the consumer confidence index fell 10.5% m/m to 69.1 from 77.2 in April. 

Otherwise, the dollar index fell 0.3% as of 21:27 GMT to 104.7, with a session-high at 105.1, and a low at 104.6. 

On trading, gold spot prices fell 0.1%, or $1.60 to $2335 an ounce, while marking a weekly loss of 3.5%.