Gold poised for fourth weekly loss, dollar rises on hawkish Fed

Gold is on pace for a fourth consecutive weekly decline. The dollar strengthened against a basket of major currencies this week, pushing the metal lower.

The move follows a run of U.S. economic data that reinforced expectations the Federal Reserve will hold borrowing costs elevated through the summer. Higher interest rates lift the dollar and raise the opportunity cost of holding gold, which offers no yield.

Gold has fallen each of the past three weeks. This week's loss would extend that streak to four.

The broader commodity complex has also come under pressure from the stronger dollar. commodities analysis Gold's decline has been modest by recent standards, with the metal holding above the lows seen earlier this year.

For gold miners, the slide in the metal's price typically feeds into share performance. gold profile Mining stocks tend to track gold with leverage. Any sustained weakness can hit earnings outlooks. Some producers have offset lower prices through cost cuts and higher output. The margin pressure remains.

Other precious metals followed gold down. Silver and platinum each posted weekly losses. Base metals showed a more mixed picture. Copper held up better, supported by supply disruptions in South America.

The next major data point for gold is the U.S. nonfarm payrolls report due on the first Friday of July.