Gold futures settle lower on Friday, though it logged second consecutive weekly gain. The bullion got pressured as the traders eyed on faster interest rate hike and rollout of pandemic-driven stimulus by US Federal Reserve, as the policy meeting is next week. Though, soaring inflation and growing apprehension between Russia and Ukraine, ensured 5.7% weekly gain for the yellow metal’s most active contract.
Gold futures for February down by $10.80 or 0.6% to settle at $1,831.80 an ounce on the Comex division of the New York Mercantile. While, spot gold fell by 0.4% at $1,831.60 per ounce.