NEW YORK: Gold edged up on Friday as the dollar stalled, but expectations of a sizeable US rate hike kept bullion well below the key $1,700 mark and en route to its worst week in four.

Spot gold was 0.6% higher at $1,673.19 per ounce by 12:02 p.m. ET (1602 GMT). US gold futures rose 0.3% to $1,682.10.

“We saw the dollar turn negative... an acceleration lower on US equities, which may have sparked a bit” of buying, said Philip Streible, chief market strategist at Blue Line Futures in Chicago.

Gold prices were still down about 2.5% so far this week, having earlier slid to their lowest since April 2020.

Gold failed to capitalize on fears of rising US recession risks through the week, and was “not even perceived as a safe-haven” on occasion, Streible added.