Gold is on Course For Its Worst Week Since February Due To The Federal Reserve's Hawkish Stance
Gold prices were on track for their largest weekly percentage decline in over four months on Friday, as a higher dollar and hawkish comments from Federal Reserve officials weighed on the precious metal.

Spot gold increased 0.3% to $1,919.99 per ounce as of 2:19 p.m. EDT (1819 GMT), after gaining as much as 1.2% as U.S. bond yields declined.
Gold futures in the United States closed up 0.3% at $1,929.6.
The dollar index rose 0.5% against its rivals to a one-week high, making bullion less desirable for holders of other currencies.
In congressional testimony this week, Fed Chair Jerome Powell signalled additional interest rate increases were forthcoming but pledged the central bank would proceed with caution.
Powell was exceptionally hawkish. He favours more interest rate increases and does not anticipate any rate decreases in the near future. According to Phillip Streible, chief market strategist at Blue Line Futures in Chicago, this is adverse for metals.
Mary Daly, president of the San Francisco Fed Bank, stated in an interview with Reuters on Friday that two additional rate increases this year are a "very reasonable" projection.
The opportunity cost of retaining gold rises as U.S. interest rates rise.
Since reaching above the key $2,000 level in early May, the price of gold has declined by more than $150, or nearly 2%, this week.
Suki Cooper, a Standard Chartered analyst, wrote in a note, "Investor appetite for gold lacks conviction."
"The sharp drop in exposure since the last (Fed) meeting does not necessarily imply imminent short-covering activity, but it does highlight a shift in sentiment as we enter a period of slower seasonal demand."
The price of spot silver increased by 0.5% to $22.34 per ounce, but was poised for its largest weekly decline since October 2022. At $917.34, platinum was down 0.6%, putting it on track for its worst week since August 2022.
Thursday's low price of $1,283.18 for palladium was the lowest since May 2019.
Palladium could prolong this year's near-30% price decline as the rapid development and use of electric vehicles threatens demand.
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