Gold prices fell on Friday, on correction and profit-taking from a 4-week high, on track for the fourth straight weekly gain, ahead of the second part of the US Federal Reserve Chairman's semi-annual testimony before the Congress.

Gold prices fell 0.5% to $1,820.95 an ounce, after opening at $1,829.69, and hit a high at $1,832.09.

Gold closed higher by 0.1% yesterday, and posted its second straight daily gain, after hit a 4-week high at $1,834.14 an ounce, thanks to a drop in the US bond yields.

Gold prices gained 0.7% so far this week, on track for the fourth straight weekly gain, after the Federal Reserve Chairman Jerome Powell's semi-annual testimony before Congress.

Federal Reserve Chairman Jerome Powell stated before the House Financial Services Committee that the recent surge in inflation is temporary, as consumer prices rose due to the US economy reopening, and stressed the Fed's commitment to its current dovish monetary policy.

These statements lowered the odds for the Federal Reserve to start reducing the bond-buying program as an essential step before an interest rate hike.

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the lowest level since May 20 at 1,034.37 metric tonnes.

Oil prices fell on Thursday, as the US dollar rose against its counterparts, amid expectations of a near hike in Emirati production after its dispute with Saudi Arabia within the OPEC Plus alliance was resolved.

The Energy Information Administration reported yesterday that the US crude inventories fell 6.9 million barrels to 445.5 million barrels during the past week, while analysts forecasts a drop by 6.2 million barrels.

Reuters quoted informed sources that Saudi Arabia and the UAE were able to resolve their dispute over OPEC+ production policy, and set a higher baseline output level for the UAE at 3.65 million bpd after the end of the current cut agreement in April 2022.

The dollar index rose against a basket of major currencies by 0.2% to 92.6 points as of 17:38 GMT, after hitting a high of 92.6 points and a low of 92.2 points.

WTI crude August futures fell 1.1% to $72.3 a barrel, after hitting a high of $72.9 and a low of $71.5.

Brent May futures fell 0.8% to $74.1a barrel, after hitting a high of $74.5 and a low of $73.1.

The US dollar rose against most of its peers on Thursday, despite the release of less-than-expected economic data.

The US unemployment claims fell to 360K last week, from the previous reading of 386K, worse than forecasts of 350K. 

The US industrial production rose 0.4% during June, lower than forecasts of a rise by 0.6%.

The absorbed Federal Reserve Chairman Jerome Powell's statements before the Congress that the recent surge in inflation is temporary, as consumer prices rose due to the US economy reopening, and stressed the Fed's commitment to its current dovish monetary policy.

The dollar index rose against a basket of major currencies by 0.2% to 92.6 points as of 18:01 GMT, after hitting a high of 92.6 points and a low of 92.2 points.

Gold prices rose on Thursday, despite the US dollar's rise against most of its major rivals, after disappointing economic data

The US unemployment claims fell to 360K last week, from the previous reading of 386K, worse than forecasts of 350K. 

The US industrial production rose 0.4% during June, lower than forecasts of a rise by 0.6%.

The absorbed Federal Reserve Chairman Jerome Powell's statements before the Congress that the recent surge in inflation is temporary, as consumer prices rose due to the US economy reopening, and stressed the Fed's commitment to its current dovish monetary policy.

The dollar index rose against a basket of major currencies by 0.2% to 92.6 points as of 18:04 GMT, after hitting a high of 92.6 points and a low of 92.2 points.

Gold spot prices rose 0.3% to $1,830.3 an ounce as of 18:04 GMT, with a day high of $1,835, and a low of $1,820.6.