Gold futures finished sharply lower on Friday, marking lowest settlement since April 2022, saddled by the surging dollar and US Treasury bond yields. Moreover, further aggressive rate moves from the Federal Reserve also dulled investment appeal of the non-yielding bullion. The yellow metal for the most active contract fell about 1.7% for the week.
Gold futures for December tumbled by $25.50 or 1.5% to $1655.60 an ounce on the Comex division of the New York Mercantile. While, spot gold declined by 1.63% or $27.28 to $ 1,643.94per ounce.