WASHINGTON (dpa-AFX) - Gold prices traded lower on Friday and were set for their worst week in more than three years, hit by a stronger dollar and rising yields following Donald Trump's election victory.
Spot gold was marginally lower at $2,563.32 per ounce in European trade and was down more than 4 percent for the week. U.S. gold futures were down 0.2 percent at $2,567.90.
The precious metal had previously hit a two-month low amid concerns that U.S. President-elect Trump's proposed policies on trade and tariffs may fuel inflation and keep interest rates elevated higher for longer.
Also, comments by Federal Reserve Chair Jerome Powell on Thursday poured cold water on rate cut optimism.
Powell said the U.S. central bank does not need to rush to lower interest rates and can approach decisions carefully, given persistent inflationary pressures.
He lauded the economy as 'remarkably good', the labor market as 'solid' and noted that inflation was 'running much closer' to the bank's target.
Looking ahead, the release of U.S. retail sales data may garner some investor attention later in the day.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
