Gold futures climbed on Friday, modestly paring their loss for the week. Prices for the precious metal “bounced into the middle of the week, on softer inflation data and hopes the Federal Reserve would be done with interest rate hikes soon,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. However, the “hawkish announcement from the Fed late Wednesday pressured gold as investors priced in a higher terminal interest rate,” he said. Looking ahead, Haworth said higher interest rates and softer inflation data remain headwinds for gold investors. Gold for February delivery
rose $12.40, or 0.7%, to settle at $1,800.20 an ounce on Comex. For the week, prices based on the most-active contract fell 0.6%, according to Dow Jones Market Data.
Read the original article