The dollar index was steady near a two-week high hit in the previous session, making gold expensive for holders of other currencies.
through the week painted a picture of a resilient U.S. economy, easing some worries of an impending recession but building expectations of the Fed staying hawkish.
Bullion tends to gain during times of economic or financial uncertainty, but higher interest rates dim non-yielding gold's appeal.at a central bank meeting in Madrid on Thursday indicated that the central bank was likely to raise rates at least twice more by the year end.CME's Fedwatch toolBullion was also en route to its first quarterly fall in three, down 3.1% so far. The central bank has raised rates by 25 bps thrice this year, pausing in June.
Market participants are awaiting personal consumption expenditures, or PCE, data for May, with core PCE expected to be 4.7% on a year-on-year basis, well above the Fed's 2% target. Yet, gold could perform well in the long term, as "we are almost at the end of the Fed interest rate hike, which supports gold prices ... and we don't think the economy will continue to be strong, despite equities having risen," Lan highlighted.
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