Gold futures settled lower on Friday, leading prices to post a second straight weekly loss. Gold struggled this week, “largely due to some profit taking after the big run-up since early November, coupled with recent fears that the [Federal Reserve] is going to hike rates higher and/or longer than originally expected,” said Adam Koos, president of Libertas Wealth Management Group. “All of this has spawned from the choppy economic news – primarily jobs reports, private payrolls, and unemployment numbers – which all paint a mixed picture for investors, making it extremely difficult to predict what the next move will be out of [Fed Chairman] Jerome Powell’s office.” Gold for April delivery GCJ23 fell $4, or 0.2%, to settle at $1,874.50 an ounce on Comex. Based on the most-active contract, prices fell 0.1% for the week, according to Dow Jones Market Data.
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