Gold futures end lower, down nearly 3% for the week

Gold futures declined on Friday to settle about 2.8% lower for the week – the biggest weekly decline since November of last year. Gold prices declined on the back of a rally in the U.S. dollar, as investors continued to digest the Federal Reserve’s “new hawkish stance,” said Edward Moya, senior markets analyst at OANDA. On Wednesday the U.S. central bank said it would start raising benchmark interest rates for the first time since 2018. “Gold may have a choppy short-term road ahead, with the $1,900 level providing key support,” said Moya. “To the upside, gold might find tentative resistance at the $1,950 level.” April gold fell $13.90, or 0.7%, to settle at $1,929.30 an ounce.

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