By Gina Lee

Investing.com – Gold was up on Friday morning in Asia, as drove some investors towards the safe-haven asset. The U.S. Federal Reserve will likely raise interest rates in the coming week, causing the yellow metal to experience its largest monthly decline since September 2021.

By 1:16 AM ET (5:00 AM GMT), $1,907.70 had risen 0.87%. However, April 2022 saw a drop of about 2%.

Ilya Spivak, DailyFX currency strategist, said that a U.S. economy that fell 1.4% in its first quarter 2022 could help ease the Fed’s pressure to tighten.

This has helped gold somewhat and pushed the dollar down a little. Spivak stated that she doesn’t anticipate these moves continuing.

Fed policymakers have agreed to speed up interest rate increases in 2022. They are still not able to agree on the speed at which they should increase to prevent an economic recession.

The and strengthened in April, however, putting gold at risk of its largest monthly percentage decline since September 2021. Although the dollar moved in the opposite direction to gold on Friday, it held steady at the recent 20-year high against other currencies.

“Sometime soon, the freight train known otherwise as U.S. Dollar will need to slow down. That could be good news for gold, Matt Simpson, City Index senior market analyst said in a note.

Other precious metals saw a 0.1% increase and a 0.5% rise, while falling 0.5%. Each metal was set to experience monthly falls.