Gold futures ended lower on Friday, paring their gain for the week, with prices failing to hold above the key $2,000 mark. Prices for the precious metal “kissed the $2,000 level again” on Friday, said Lukman Otunuga, manager, market analysis at FXTM. Gold continues to be influenced by various fundamental forces ranging from [Federal Reserve interest rate] hike expectations, lingering banking fears, dollar weakness, and falling Treasury yields,” he said. But “given how the recent chaos across markets has fuelled speculation around the Fed cutting rates in 2023, gold has the potential to push higher.” Gold for April delivery GCJ23, -0.75% fell $12.10, or 0.6%, to settle at $1,983.80 an ounce on Comex. Prices based on the most-active contract gained 0.5% for the week, according to Dow Jones Market Data.
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