Gold on track for worst week since Feb on hawkish Fed

Gold has suffered its worst weekly loss in over four months due to the impact of hawkish Federal Reserve comments and a stronger dollar. The precious metal’s value has fallen nearly 2% this week and lost over $150 since exceeding the key $2,000 level in May. The dollar index rose by 0.5%, reflecting higher interest rate projections from the Fed. Opting to avoid rate hikes and a shift in sentiment as demand slows have led to investor uncertainty and a lack of conviction in gold. Nevertheless, spot gold increased 0.3% to $1,919.99 per ounce while silver rose 0.5% to $22.34 per ounce.