Dubai: Gold prices were on track for a third consecutive weekly decline, falling more than 1 percent on Friday, amid a stronger dollar. Spot gold was down 1.1 percent at $4,163.93 per ounce, as of 03:38 GMT. US gold futures for August delivery fell 1.5 percent to $4,181.20.

According to Emirates News Agency, the decline in gold prices is attributed to the firming of the dollar, which has continued to exert pressure on the precious metal. In addition to gold, other metals also experienced declines. Spot silver fell 2.2 percent to $64.36 per ounce, platinum lost 1.9 percent to $1,663.03, and palladium was down 1.6 percent at $1,258.04.

The persistent strength of the dollar is seen as a key factor influencing the market dynamics for precious metals, leading to reduced demand as prices in other currencies become more expensive. This trend has resulted in weaker performance across the board for these commodities.