By Gina Lee

Investing.com – Gold was up on Friday morning in Asia, recovering from a more than 1% fall during the previous session. A near a one-week low gave the yellow metal a boost, although the U.S. Federal Reserve’s plans to begin asset tapering quicker than planned kept it on track for a third consecutive week of declines.

The dollar gained 0.3% to $1.752.15 (11:10 GMT) after reaching $1737.46. This was its lowest point since August 11. It had been at $1737.46 for four days. However, it was still up 0.4%.

Although the dollar moved in the opposite direction to gold on average, it gained 0.13% Friday, but was still close to the week-low of $1737.46.

The and handed down their respective policy decisions on Thursday. While the former kept its interest rate unchanged at 0.10%, the latter raised its interest rate to 0.25% from the previous month’s 0%.

When it issued its most recent policy decision, the Fed stated that asset tapering would be initiated within 2021. It also plans to raise interest rates by 2022.

On the data front, released earlier in the day said that the national core consumer price index (CPI) grew 0% year-on-year in August. According to the national CPI, it fell 0.4% over the year and 0.2% per month. In September, the PMI (manufacturing purchasing managers index) was 51.2.

Other precious metals saw silver gain 0.5% at $22.61 per an ounce. This is a 1% increase for the week. Palladium gained 0.5% at $1,992.67. However, it was expected to continue its third straight week of declines. While Platinum lost 0.8% at $980.67, it was on track for a 4.3% weekly increase. This is its largest gain in six weeks.