Gold futures settled lower for the first time in four sessions on Friday after ‘hawkish than anticipated’ Fed chairman’s speech at Jackson Hole. Moreover, the yellow metal fell into bearish mode pressured by the firmness in dollar and US Treasury bond yields. The bullion for the most active contract fell by 0.7% for the week.
Gold futures for August dipped by $21.60 or 1.2% to settle at $1749.80 ounce on the Comex division of the New York Mercantile. While, spot gold was declining 1.25% to $1,763.90 per ounce.