Gold futures mark their lowest settlement since April 2020

Gold futures fell Friday, with prices for the most-active contract losing 1.7% for the week and settling at their lowest since early April 2020. The surge in Treasury yields, along with a stronger U.S. dollar has “unsurprisingly clobbered the gold price, clubbing it back down to its lowest levels in over 2 years, against a backdrop of fears of further aggressive rate moves from the Federal Reserve,” said Michael Hewson, chief market analyst at CMC Markets UK. December gold fell $25.50, or 1.5%, to settle at $1,655.60 an ounce on Comex.

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