Gold prices were volatile on Friday as investors juggled a hawkish Federal Reserve outlook on interest rates, which offset support from the dollar’s overall retreat this week.
Spot gold edged up 0.1% to $1,958.83 per ounce en route to a 0.1% weekly dip. U.S. gold futures settled nearly unchanged at $1,971.20.
“This is tough for gold because you have stocks that are continuing to rise and more hawkish Fed speak," said Edward Moya, senior market analyst at OANDA.
“It appears that the markets are confident that the Fed is almost done with tightening because everyone’s going into stocks… which is dampening demand for safe havens."
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