Gold Headed For Weekly Loss On Fed Rate-hike Bets

Gold prices traded lower on Friday and headed for a weekly loss despite renewed optimism about U.S.-Iran talks. Both the sides are still at odds over Tehran’s uranium stockpile and future control of the Strait of Hormuz.

Spot gold dipped 0.4 percent to $4,525.80 an ounce and headed for a decline of around half a percent for the week due to increased expectations for Federal Reserve rate hikes this year. U.S. gold futures were down 0.7 percent at $4,525.05.