Metals Stocks: Gold declines to settle with a 2% weekly loss as dollar extends post-Fed advance

Gold and silver prices dropped Friday, prompting the yellow metal to suffer a 2% weekly loss, nicked by a firmer dollar that has been bolstered by the Federal Reserve’s adherence to an interest rate-tightening cycle.

Sharp losses for stocks for the session, which are partly tracking the plunge into a bear market for oil, failed to limit gold’s downside even as a so-called risk-off sentiment contributed to a rise in bonds, pulling yields sharply lower.

For now, gold continues to decline, “weighed on by returning risk appetite earlier in the week and the dollar over the last 48 hours, with the Fed giving it an extra kick higher,” said Craig Erlam, senior market analyst at Oanda, in a daily update.

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