Gold prices fell on Friday as the U.S. dollar strengthened against other major currencies. A stronger dollar typically puts downward pressure on gold, as it makes the precious metal more expensive for buyers holding other currencies.

The spot gold price decreased by 0.3% to $1,290.80 per ounce. U.S. gold futures also saw a dip, falling by 0.4% to $1,293.10 per ounce.

The dollar index, which measures the greenback against a basket of six currencies, rose by 0.2%, reflecting increased investor confidence in the U.S. economy.

Analysts noted that gold is also sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion.

Investors are now awaiting further economic data releases and signals from the Federal Reserve regarding future monetary policy decisions.

Other precious metals also experienced price movements:

• Silver fell 0.7% to $17.09 per ounce.
• Platinum dropped 0.6% to $930.20 per ounce.
• Palladium was down 0.3% at $988.72 per ounce.