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Gold Edges Higher As Dollar Stumbles

Gold prices rose slightly on Friday and the U.S. dollar slipped along with U.S. Treasury yields as traders pared down bets on where interest rates might peak.

Spot gold inched up 0.3 percent to $1,828.33 per ounce, while U.S. gold futures were little changed at $1,829.55.

The rate hike repricing sent 10-year Treasury yields to two-week lows while the dollar was on course for its first weekly decline this month.

As commodities extend declines on worries of a possible recession, investors are pinning hopes that inflation will start easing.

Survey results showed earlier in the day that German business morale fell more than expected in June. The Ifo institute said its business climax index dropped to 92.3 from 93.0 in May.

Elsewhere, U.K. retail sales declined in May due to lower food sales, while British consumer confidence declined to a new record low in June, separate reports showed.

Trading in the New York session may be impacted by reaction to a report on new home sales as well as a revised reading on consumer sentiment.

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