Gold prices bounced off the previous session’s 10-month lows on Friday, but the precious metal still posted its sixth straight weekly decline as expectations for higher U.S. interest rates in the months ahead continued to weigh.

Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $7.60, or 0.67%, to end the week at $1,137.40 a troy ounce. A day earlier, prices sank to $1,124.30, a level not seen since February 2.

For the week, gold futures lost $24.10, or 2.1%, as the U.S. dollar soared after the Federal Reserve hiked interest rates and signaled it expects to raise rates more quickly than previously anticipated in 2017.

The U.S. central bank predicted it would raise interest rates three times in 2017, up from the two hikes predicted in September.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 102.92 late Friday, not far from Thursday’s 14-year high of 103.55.

Both a strong dollar and higher interest rates are typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise.

Gold prices have slumped since Donald Trump was elected president as rising U.S. bond yields and a rally in stocks markets have damped its appeal.

Also on the Comex, silver futures for March delivery climbed 25.7 cents, or 1.6%, on Friday to settle at $16.21 a troy ounce. The contract fell to a six-month low of $15.92 in the prior session. On the week, silver lost 74.4 cents, or 4.4%.


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