Gold prices hit over two-year low as US Fed rate-hike fears mount

Gold prices languished on Friday near the lowest level in more than two years, and were set for their worst week in two months, as prospects of aggressive rate hikes by the U.S. Federal Reserve lifted bond yields and took the shine off bullion.
 

Spot gold fell 0.1% to $1,661.97 per ounce, as of 0724 GMT, after hitting its lowest since April 2020 at $1,658.30. Prices were down 3.2% for the week so far. U.S. gold futures fell 0.4% to $1,670.50.
 

"Currently, gold seems to be in an attempt to stabilise, coming after the heavy sell-off overnight," said Yeap Jun