By Gina Lee

Investing.com – Gold was up on Friday morning in Asia and was set for a second weekly gain after the retreated from 20-year highs.

The prices were up 0.2% to $1852.70 at 11:30 PM ET (3:30AM GMT), and they had risen 0.2% during the week.

On Friday the dollar fell inversely to gold and it was expected that there would be a second weekly drop.

Gold fell on Thursday, with the U.S. Federal Reserve’s aggressive monetary policy tightening plan dimming bullion’s appeal and a rebound in equities also adding pressure.

According to expectations, the earlier released data showed it favors additional 50-basis point rate increases at its June 2022 and July 2022 meetings.

The yields on U.S. Treasury bonds were low, with the 10-year benchmark note falling to a new six-week low. Even though data and corporate announcements indicate slower economic growth, inflation worries continue to fade.

Asia Pacific saw a 1.9% increase in year-on year growth, while the 2.4% and 0.1% respectively grew year-on year.

Other precious metals saw a 0.2% decline and have gained 0.9% over the past week. The price was almost flat at $950.28, and it fell 0.5% last week. The weekly gain was about 2.2%. This is the highest since April 20, 2022.