Gold prices recorded a weekly decline, coinciding with the rise of the dollar and bond yields, after officials at the US Federal Reserve dispelled expectations of an early interest rate cut.
Gold prices recorded a weekly decline of about 1 percent, reaching $2029.49 per ounce, despite a slight increase in its last session on Friday by 0.30 percent.
The dollar index fell by 0.1 percent, but it has risen by approximately one percent since the beginning of the week.
The rise in the value of the dollar makes gold priced in American currency more expensive for holders of other currencies.
The revenues from 10-year US Treasury bonds have risen to the highest level in five weeks, reaching 4.1730 percent.
According to the Interest Rate Probability (IRPR) application by the London Stock Exchange Group, the markets are betting on a 141 basis point interest rate cut this year, down from 150 basis points the previous week.
As for other precious metals, silver has decreased by 2.47 percent in a week, reaching $22.6216 per ounce.
