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Gold was set on Friday for its worst week in five months, as bullion prices were hammered by increasing bets that the U.S. Federal Reserve would accelerate the pace of stimulus tapering and raise interest rates sooner to curb rising inflation.
Gold gained on Friday, as concerns over the spread of a newly identified coronavirus variant boosted the metal's safe-haven appeal, although bullion was set for a weekly drop on bets of U.S. Federal Reserve turning more hawkish.
Gold steadied on Friday, taking a breather after an over 1% rally sparked by a rush into safe-havens as concerns over a new coronavirus variant rattled risk appetite.
Gold prices edged up on Thursday as the dollar eased, although hawkish comments by U.S. Federal Reserve policymakers dented the metal's appeal and kept it well below the key $1,800 mark.
Gold prices edged up on Thursday buoyed by persistent inflation concerns, with further gains in bullion clipped by expectations that the Federal Reserve may hasten its monetary tightening to tame rising prices.