WASHINGTON (dpa-AFX) - Gold edged higher on Friday but was heading for its first weekly decline in three on hawkish signals from Federal Reserve officials.
Spot gold rose 0.3 percent to $1,766.19 per ounce, while U.S. gold futures were up 0.3 percent at $1,768.05.
The dollar index inched lower in early European trade, offering some respite to bullion.
However, the dollar was still headed for its best week in a month in the wake of hawkish comments from more U.S. Federal Reserve officials.
St Louis Fed President James Bullard said the central bank needs to keep raising interest rates as its tightening has only 'limited effects on observed inflation'.
Separately, Minneapolis Fed Bank President Neel Kashkari said the U.S. central bank should not stop rate hikes until it's clear that inflation has peaked.
Elsewhere, the European Central Bank will keep raising rates as withdrawing accommodation may not be enough to curb inflation, ECB President Christine Lagarde said in a speech at a conference.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
