New York: Gold prices saw a slight increase on Friday, but are heading for a decline for the third consecutive week, pressured by the strength of the US dollar and the US Federal Reserve’s inclination toward monetary tightening, which has dampened hopes for a near-term interest rate cut.

Spot gold rose 0.2% to $4,657.50 per ounce as of 0112 GMT. The precious metal has fallen by more than 7% since the beginning of the week so far. US gold futures for April delivery increased by 1.1% to $4,657.90.

As for other precious metals, spot silver rose 0.1% to $73 per ounce, while spot platinum increased 0.1% to $1,972.80, and palladium rose 0.4% to $1,452.21.