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LONDON: Gold prices edged up on Friday and were headed for a second consecutive weekly gain propped up by a pullback in the dollar and the U.S Treasury yields, while fears of aggressive policy tightening by the Federal Reserve slightly subsided.

Spot gold rose 0.3% to $1,856.25 per ounce by 1456 GMT and was up 0.5% for the week so far.

US gold futures rose 0.4% to $1,854.90.

“The Fed is sticking to its point to some extent,” said Daniel Pavilonis, senior market strategist at RJO Futures, adding there is an uncertainty over what happens after the next two interest rate hikes.

“The expectations are reflected in the 10-year yields which has been coming down significantly from its highs.”

Benchmark 10-year note yields were down for the day, after briefly rising on strong spending data, while the dollar was headed for a second consecutive week of declines.

Gold is highly sensitive to US interest rates, as rising rate increases the opportunity cost of holding non-yielding bullion.

Minutes of the Fed’s May 3-4 policy meeting released on Wednesday highlighted 50 basis point rate hikes at the June and July meetings.

The minutes showed the Fed grappling with how best to navigate the economy towards lower inflation without causing a recession.

Capping gains in gold, US stock indexes opened higher as data showed strength in consumer spending and signs of peaking inflation.

“Gold looks now to have found its true level and is likely to oscillate around the $1,840-$1,860 an ounce range until there is a fresh catalyst,” Rupert Rowling, market analyst at Kinesis Money, said in a note.

Spot silver rose 0.7% to $22.14 per ounce, enroute rising 1.7% for the week.

Palladium gained 2.1% to $2,055.48, up 4.7% for the week so far, its highest since early April.

Platinum fell 0.1% to $949.19.

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