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Gold prices fell slightly on Friday and are headed for a second consecutive week of declines. The market is under pressure from a stronger dollar and rising oil prices, which are fueling expectations of further interest rate hikes by the US Federal Reserve.
The price of one ounce of gold fell 0.33 percent today to $4,527.88. Gold has fallen approximately 0.3 percent for the week.
Gold futures on the New York Comex exchange also fell 0.38 percent to $4,525.30.
The US dollar is hovering near its highest level in six weeks, making gold more expensive for holders of other currencies.
Analysts note that the main factor putting pressure on gold remains the strong dollar, which, in turn, is supported by high interest rates virtually everywhere.
US Secretary of State Marco Rubio said there are "positive signs" in negotiations with Iran, although Tehran's uranium reserves and control of the Strait of Hormuz remain points of contention.
Oil prices rose amid investor doubts about the prospects for progress in the Iran-US talks.
High oil prices are heightening inflation risks and fears that interest rates will remain high for longer. While gold is traditionally considered a reliable hedge against inflation, rising rates are putting pressure on the low-yielding asset.
The Trump administration announced that Kevin Warsh will be sworn in at the White House on Friday as head of the Federal Reserve.
Richmond Federal Reserve Bank President Thomas Barkin said Thursday that the response of businesses and consumers to the current economic turmoil will determine whether the Fed can overcome the current high inflation rate or will have to consider further interest rate hikes.
Among other precious metals, silver fell 0.06 percent to $76.69 per ounce, but ended the week up 0.4 percent. Platinum also fell 0.80 percent to $1,953.50.
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