Snapping four day losing streak, Gold futures finished tad higher on Friday with some safe haven buying amid soaring inflationary pressure and global recession fears. However, sharper interest rate hikes by Federal Reserve to tackle inflation weighed the yellow metal to the second consecutive weekly decline, down by 0.6%. The precious metal had marked 1.9% dip in the prior week. Rising interest rates dulls investment appeal of the non-yielding bullion.
Gold futures for August edged up by 50 cents or 0.01% to settle at $1830.30 ounce on the Comex division of the New York Mercantile. While, spot gold up by 0.1% to $1,824.69 per ounce.