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Gold Stuck In A Narrow Range

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Gold prices were mixed on Friday despite a pullback in the U.S. dollar and the Treasury yields.

Spot gold edged up 0.1 percent to $1,933.82 per ounce, while U.S. gold futures were down 0.2 percent at $1,933.40.

While geopolitical risks generated by the Russia-Ukraine conflict and rising inflation offered support, the Federal Reserve’s increasingly hawkish stance dented the precious metal’s appeal.

The dollar eased somewhat but was still up 1.3 percent for the week following hawkish remarks from several Federal Reserve officials. The benchmark U.S. 10-year Treasury yield hovered near a three-year high.

St. Louis Fed President James Bullard said on Thursday that the central bank remained “behind the curve” on interest rates and preferred to raise the federal funds rate by another 3 percentage points by the end of the year.

Chicago Fed President Charles Evans and his Atlanta counterpart Raphael Bostic said that it is appropriate to raise rates to neutral but in a measured manner.

According to the CME Group’s FedWatch Tool, investors are pricing in the Fed to raise interest rate to a target range of between 2.5 percent and 2.75 percent by the end of the year.

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