Gold prices set for worst week in 4-1/2 months on hawkish Fed
Gold prices were poised for their largest weekly decline since February due to the increased probability of further interest rate hikes by the U.S. Federal Reserve. The dollar index also showed signs of improvement, with markets becoming less attracted to gold. Although spot gold rose 0.1% to $1,915.39 per ounce, the asset stood close to a three-month low, with the US precious metal futures trading at $1,925.10. However, the analysis following Fed Chair Jerome Powell's announcement said that policymakers aimed to be careful in the gradual increase of interest rates.