Gold's price on track for a third straight week of lower close

Gold prices continue to trade lower on Friday, and are on track for a third straight weekly decline.

Spot gold was down -0.29% at $1,802.00 per ounce, after hitting a more than six-week low of $1,801.50 in the US session.

Gold prices, coming off their worst quarter since early 2021 due to hawkish central banks and a soaring U.S. dollar, have lost about 1.2% this week, and rising U.S. Treasury yields weighed on demand for zero-yield bullion.

*A stronger dollar makes gold more expensive for buyers holding other currencies.

Inflation data not helping Gold

New U.S. data for May showed little immediate relief from the record pace of inflation pushing the Federal Reserve toward another huge interest rate increase in July.

*Higher interest rates raise the opportunity cost of holding bullion, which yields no interest.