Gold set for biggest weekly fall since November on Fed's hawkish stance

Gold was flat on Friday and set for its sharpest weekly decline since November, as markets digested the U.S. Federal Reserve's policy tightening policy plan that led to a surge in dollar and Treasury yields.

Spot gold was unchanged at $1,797.71 per ounce by 0532 GMT. U.S. gold futures was up 0.2% at $1,798.80.

The metal fell about 2% for the week, its worst fall since Nov. 26.
 

"Now the expectation is of five rate hikes. In a sense, market expectations of monetary policy have turned increasingly hawkish, which is negative for gold because we've seen a lot of strength in