Gold stabilizes, poised for third consecutive weekly gain on dollar decline

Gold prices stabilized on Friday, but are on track to post gains for a third consecutive week, supported by a decline in the US dollar and efforts by the US Treasury Department to curb the rise in yields on long-term bonds.

By 00:31 GMT, spot gold prices showed little change, holding steady at $4,514.23 per ounce, after hitting their highest level since early June in the previous session. The precious metal has gained 3.2 percent since the start of the week.

US gold futures stabilized at $4,571.20.

The US dollar is set to record a weekly loss, making dollar-priced commodities cheaper for holders of other currencies.

Regarding other precious metals, spot silver prices showed little change, holding steady at $68.03 per ounce, while platinum rose 1.1 percent to $1,846.29, and palladium was priced at $1,333.11. All three metals are on track to post weekly gains.