<p>Gold prices were set on Friday for their biggest quarterly fall since early 2021, as aggressive interest rate hikes by the US Federal Reserve and commitment to deliver more dented the zero-yielding metal's appeal.</p>.<p>Spot gold ticked 0.1 per cent higher to $1,661.04 per ounce, as the dollar index slipped from a 20-year high, making the metal less expensive for buyers holding other currencies.</p>.<p>Gold prices have fallen about 8 per cent so far in the quarter, but gained 1.1 per cent this week after two straight weeks of falls.</p>.<p>US gold futures rose 0.1 per cent to $1,673.10.</p>.<p>"Already, the upside momentum for gold is waning," said City Index analyst Matt Simpson. "It's also paused within a prior consolidation zone around the $1,660–$1,680 area. Unless we see another leg lower for the dollar, then the upside could be limited for gold."</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/business/business-news/how-uneven-rains-could-dull-gold-s-shine-in-india-1146606.html" target="_blank">How uneven rains could dull gold’s shine in India</a></strong></p>.<p>Although gold is considered a hedge against inflation, a series of aggressive US rate hikes this year has raised the opportunity cost of holding the metal and made the dollar the safe haven of choice.</p>.<p>Fed policymakers have been resolute in raising interest rates despite a turmoil in global financial markets, with Cleveland Fed President Loretta Mester saying on Thursday "at this point price stability is still job one."</p>.<p>Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.29 tonnes on Thursday, marking the first inflow in two weeks.</p>.<p>Spot gold may extend its gains to $1,671 per ounce, according to Reuters technical analyst Wang Tao.</p>.<p>Spot silver was flat at $18.81 per ounce, while platinum fell 0.2 per cent to $863.28. Both metals were headed for their second straight quarterly decline.</p>.<p>Palladium slipped 0.8 per cent to $2,182.69, but was up about 13 per cent so far in the quarter. </p>
<p>Gold prices were set on Friday for their biggest quarterly fall since early 2021, as aggressive interest rate hikes by the US Federal Reserve and commitment to deliver more dented the zero-yielding metal's appeal.</p>.<p>Spot gold ticked 0.1 per cent higher to $1,661.04 per ounce, as the dollar index slipped from a 20-year high, making the metal less expensive for buyers holding other currencies.</p>.<p>Gold prices have fallen about 8 per cent so far in the quarter, but gained 1.1 per cent this week after two straight weeks of falls.</p>.<p>US gold futures rose 0.1 per cent to $1,673.10.</p>.<p>"Already, the upside momentum for gold is waning," said City Index analyst Matt Simpson. "It's also paused within a prior consolidation zone around the $1,660–$1,680 area. Unless we see another leg lower for the dollar, then the upside could be limited for gold."</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/business/business-news/how-uneven-rains-could-dull-gold-s-shine-in-india-1146606.html" target="_blank">How uneven rains could dull gold’s shine in India</a></strong></p>.<p>Although gold is considered a hedge against inflation, a series of aggressive US rate hikes this year has raised the opportunity cost of holding the metal and made the dollar the safe haven of choice.</p>.<p>Fed policymakers have been resolute in raising interest rates despite a turmoil in global financial markets, with Cleveland Fed President Loretta Mester saying on Thursday "at this point price stability is still job one."</p>.<p>Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.29 tonnes on Thursday, marking the first inflow in two weeks.</p>.<p>Spot gold may extend its gains to $1,671 per ounce, according to Reuters technical analyst Wang Tao.</p>.<p>Spot silver was flat at $18.81 per ounce, while platinum fell 0.2 per cent to $863.28. Both metals were headed for their second straight quarterly decline.</p>.<p>Palladium slipped 0.8 per cent to $2,182.69, but was up about 13 per cent so far in the quarter. </p>