Gold posted its biggest weekly drop in nearly four months, following demand for the safe-haven metal was hit by hopes of progress in peace talks between Russia and Ukraine and by the fallout from a US interest rate hike.
Gold is down 2.8% this week, as optimism regarding peace talks buoyed sentiment in the broader financial markets, dampening demand for safe haven assets.
On Friday, the price of gold in spot transactions fell 0.7 percent to $ 1929.56 an ounce by 18:01 GMT, affected by the rise in the dollar.
And US gold futures fell 0.7 percent to $ 1929.30.
The dollar jumped once morest other major currencies, making gold more expensive for buyers outside the United States.
“Over the past 10 days, we’ve seen a significant erosion of the momentum from the invasion and the speculative spree” in gold, said David Jones, chief market analyst at capital.com.
And palladium fell in spot transactions, Friday, 0.3 percent to 2503.99 dollars an ounce.
