Gold drops about 2.4% this week amid US Fed uncertainty
Gold prices took a hit this week, dropping about 2.4% as rising energy costs and higher bond yields kept everyone guessing about another US Federal Reserve interest rate hike.
Friday saw gold prices bounce around a bit, especially as oil prices cooled off and possible talks between the US and Iran eased some global tension.
Precious metals mixed on market uncertainty
Even with Treasury yields dipping, the idea of more Fed tightening is still making things tough for gold.
The US consumer sentiment index just hit its lowest point in four months, showing people are worried about inflation.
Analyst Christopher Wong summed it up: "There probably needs to be a fresh catalyst before the next meaningful leg higher."
Meanwhile, silver climbed 0.7%, platinum edged up, but palladium slipped, all reflecting how uncertain things feel in the markets lately.