The price of gold dropped below $1100 an ounce for the first time in three weeks Friday morning, with dollar strength continuing to lessen bullion's appeal.
February gold was down $11.30 at 1091.90 an ounce, having lost more than $40 so far this week. With inflation in check and the dollar back in style, the steam has run out of a furious rally the drove gold to record highs above $1225 back in December.
Prices of silver and platinum also moved lower amid demand concerns.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.