Gold set for biggest weekly fall in 3 years as Fed rate-cut bets ease
Gold prices on Friday were on track for their biggest weekly decline in over three years as expectations of less aggressive interest rate cuts by the U.S. Federal Reserve lifted the dollar, denting allure for bullion among investors.
Spot gold lost 0.1% to $2,565.49 per ounce as of 01:44 p.m. ET (1842 GMT). Prices have fallen more than 4% so far this week, touching their lowest since Sept. 12 on Thursday. U.S. gold futures settled 0.1% lower at $2,570.10.
The dollar was set for its biggest weekly gain in more than a month, making gold more expensive for other currency holders.
U.S. Treasury yields, meanwhile, extended gains after data showed retail sales in the world's largest economy rose more than expected last month.
«All the uncertainties, specifically the short-term uncertainties have been removed from the mix. Now gold is just going back to basic fundamentals,» said Alex Ebkarian, chief operating officer at Allegiance Gold.
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