Spot gold was down 0.8% at $1,979.19 per ounce, although it still ended with a weekly rise of around 1.2%. US gold futures fell 0.9% to $1,981.80 per ounce.
“Many positive fundamental factors, such as inflation and supply chain disruption, still remain… but in the short term, we may have incorporated a good portion of these into the market”said David Meger, director of metals trading at High Ridge Futures.
With US inflation accelerating in February, bets that the central bank will raise its benchmark overnight rate by at least 25 basis points on March 16 stood at 94%, according to the FedWatch tool. CME.
Meanwhile, US Treasury bond yields traded higher, raising the opportunity cost of holding bullion as an investment, while stocks extended gains on the possibility of progress in the Russia-Ukraine talks.
Spot palladium fell 5.6% to $2,764.19 an ounce. The metal hit an all-time high earlier this week on fears of a supply disruption by top producer Russia, ending the week down 7.8% on aggregate.
Silver fell 0.5% to $25.76 an ounce. Platinum rose 0.1% to $1,069.80 an ounce but suffered its biggest weekly drop since November.
By Bharat Gautam, from Reuters agency
Source: Ambito
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