Gold prices settle lower, down more than 3% for the week

Gold futures declined on Friday, settling 3.5% lower for the week and at their lowest price month to date. “Wall Street is nowhere near feeling confident they have a handle on how high the [Federal Reserve] will take rates and that is bad news for bullion,” said Edward Moya, senior market analyst at OANDA. “Gold’s decline extended after the University of Michigan survey showed inflation expectations stopped declining.” Gold for December delivery GCZ22, -1.75% fell $28.10, or 1.7%, to settle at $1,648.90 an ounce on Comex.