Gold Heads for 5th Straight Weekly Decline

Gold: hovered near 11-month lows around $1,710 an ounce on Friday and was on track for a fifth straight weekly decline, as a rallying dollar and expectations for even more aggressive interest rate hikes dampened bullion demand.

Latest data showed that US inflation surged 9.1% in June 2022 from a year ago, hitting its highest level since 1981 and piling pressure on the Federal Reserve to respond more decisively.

Gold also weakened despite escalating recession fears, as investors opted for the safe-haven dollar as a hedge against economic uncertainties over the precious metal.