Gold futures settle below $1,900, but gain for the week

Gold futures fell on Friday to settle below the $1,900 mark, but still gained just over 3% for the week. While “war fears dominate the headlines, I believe the main driving force behind this rally remains rising inflation,” said Peter Spina, president and chief executive officer at GoldSeek.com, adding that there may be a $20 “war premium” already built into gold prices. Gold may “swing and pullback” from the $1,900 mark, but “as we have seen for the last weeks, pullbacks get bought and the price reverses higher,” said Spina. “The trend is up, and the gold price can quickly continue climbing here to its next technical price target of $1,920.” April gold GCJ22, -0.18% fell $2.20, or 0.1%, to settle at $1,899.80 an ounce after touching a high at $1,905 – the highest intraday level for a most-active contract since June of last year, FactSet data show. For the week, prices were up 3.1%, FactSet data show.