Gold Up, But Headed for Worst Week in Five, as Fed Continues Hawkish Tone.
Gold was up on Friday morning in Asia, set for its worst week in five months over increasing bets that the U.S. Federal Reserve will accelerate asset tapering and hike interest rates quicker than expected to curb rising inflation.
Gold futures rose 0.76% to $1,797.80 by 11:37 PM ET (4:37 AM GMT). The yellow metal has slumped more than 2.8% for the week and was headed for its worst week since June 18, 2021.
