: Gold futures log biggest weekly loss in over 3 months

Gold futures climbed on Friday, but marked their biggest weekly percentage loss since early February. The precious metal was dragged below the psychologically important $2,000 level this week due to “optimism surrounding a U.S. debt deal, while markets also ramped up bets of a [Federal Reserve interest] rate hike in June,” said Han Tan, chief market analyst at Exinity Group. Gold for June delivery GCM23 settled at $1,981.60 an ounce on Comex, up $21.80, or 1.1% for the session. Prices for the most-active contract lost 1.9% for the week, the largest weekly loss since the week ended Feb. 3, according to FactSet data.

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