Gold heads for weekly decline as dollar firms, Fed rate outlook weighs

On Friday, gold prices experienced a drop, marking a downward trend for the week due to a robust dollar and ongoing forecasts of elevated interest rates. Spot gold fell by 0.2%, while US gold futures saw a slight uptick. Officials from the Fed suggested that interest rate hikes might be necessary to combat inflation, although new unemployment claims remained at near historic lows, highlighting a resilient labor market.