Gold heads for fourth weekly dip as dollar, Fed hike bets dim appeal

A goldsmith wearing a protective face mask arranges golden bangles as the other talks to customers at a jewellery shop at the Grand Bazaar in Istanbul, Turkey, August 6, 2020. REUTERS/Murad Sezer

Gold hits lowest level since Feb. 7 at $1,823.40/oz
Silver prices set for worst week since late January
Platinum, palladium also set for weekly losses

May 13 (Reuters) – Gold fell on Friday and was headed for a fourth consecutive weekly decline pressured by overall strength in the dollar on prospects of aggressive interest rate hikes by the U.S. Federal Reserve.

Spot gold fell 0.2% to $1,817.39 per ounce by 1039 GMT, after hitting $1,810.86, its lowest since Feb. 7. Bullion has lost over 3% so far this week.

U.S. gold futures dropped 0.5% to $1,816.40 per ounce.

The Fed being the most hawkish of major central banks and…