Gold falls Friday, records worst week in 11 months

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Gold futures finished at a 14-week low on Friday, extending their slide into a fourth straight week, as safe-haven demand for the dollar kept pressure on the yellow metal. Gold for June delivery GCM22, -0.96% lost $16.40, or 0.9%, to settle at $1808.20, the lowest closing value for the most-active contract since Feb. 4, 2022, according to Dow Jones Market Data. For the week, gold was 3.9% lower, booking its worst weekly fall since skidding 5.9% in the week ending June 18, 2021. While inflation data for the week showed price pressures may have hit a peak, high costs of living continue to weigh on households and Wall Street, while driving up demand for the dollar, which hit highs last seen 20 years ago. A stronger dollar is seen as a negative for commodities priced in the unit, making them more expensive to users of other currencies.

Source: Marketwatch

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