On Friday, gold prices surged marginally as the dollar dropped from a six-month high. However, the outlook was dimmed by the possibility of longer-term increases in interest rates as a result of the Federal Reserve's hawkish approach.

Spot gold edged up 0.2% to $1,924.26 per ounce, meanwhile gold futures added 0.2% to $1,943.44 per ounce.

The yellow metal was also expected to have a quiet week because few offers were placed on it due to mounting concerns about interest rate increases.

This week, markets changed their expectations for the yellow metal in response to increased U.S. rates, which caused huge fluctuations in the price of gold futures in particular.

As the dollar declined from overnight trade highs of six months, gold prices experienced some reprieve. Despite anticipations of rising U.S. interest rates, the dollar was still quite well-bid.

This week, the Fed held interest rates unchanged but issued a warning that persistent inflation might necessitate at least one more increase this year.

Additionally, the central bank announced that it expects to maintain rates above 5% through 2024, contrary to market forecasts for at least four rate decreases in 2019.