Gold Price Forecast: Bullion Falls Near $5,050 as Dollar Rises, but Banks Keep $6,200 Targets
Gold slipped for a second week in a row on Friday, taking a hit from a stronger dollar and a flare-up in inflation fears tied to the war with Iran. By late afternoon, spot gold dropped 0.5% to $5,052.15 an ounce, while U.S. gold futures ended at $5,061.70. Silver, platinum, and palladium all logged declines, too. “Strongly bullish gold long term,” said independent metals trader Tai Wong, but he noted that the dollar’s strength was dragging bullion toward its lowest mark since the conflict started.
