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Gold pressured by hawkish Fed, copper slammed by China COVID woes
Gold prices rose slightly on Friday, but were set to end the week lower as hawkish comments from Federal Reserve officials boosted the dollar with the prospect of more interest rate hikes, while concerns over rising COVID-19 cases in China walloped copper.
Bullion prices were also subject to some profit taking after they raced to a near three-month high earlier this week. Concerns over an escalation in the Russia-Ukraine conflict drove safe haven demand for the yellow metal earlier this week, although a de-escalation in tensions swiftly reversed this.