Spot gold slips 0.5% to $4,189.26 an ounce, heads for third straight weekly drop

Spot gold fell 0.5% on Friday to $4,189.26 an ounce, putting it on course for a third consecutive weekly decline. The dollar hovered near a one-year high and Fed projections showed nine officials expect a rate increase this year, reinforcing expectations for higher interest rates. An interim U.S.-Iran deal took effect and tanker traffic through the Strait of Hormuz resumed, easing geopolitical risk and weighing on safe-haven demand. Silver, platinum and palladium also declined.