WASHINGTON (dpa-AFX) - Gold prices weakened on Friday as the dollar held firm and remained on track for its best week since early April amid increased risk aversion in times of global economic uncertainty.
Spot gold slid 0.1 percent to $1,865.52 per ounce, while U.S. gold futures were down 0.4 percent at $1,868.60. Prices remain down about 4 percent for the week pressured by a firm dollar.
The dollar held near multi-month highs, making the precious metal more expensive for holders of other currencies.
Recently, the dollar index hit its two-month peak level above 94.50 and analysts expect more upside following warnings from a range of Fed officials that the U.S. economy needs more fiscal stimulus.
There was a sliver of hope for some movement on Capitol Hill after reports emerged that House Democrats are working on a $2.4 trillion proposal.
House Speaker Nancy Pelosi reiterated that she is ready to negotiate with the White House to find an agreement.
Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin said on Thursday that the new economic relief package could help households and businesses.
'If Democrats are willing to sit down, I'm willing to sit down any time for bipartisan legislation. Let's pass something quickly,' Mnuchin said.
Copyright RTT News/dpa-AFX
© 2020 AFX News
