WASHINGTON (dpa-AFX) - Gold moved lower on Friday, handing back gains from the previous day as the dollar held its ground and was on track for its best week in a month against major rivals amid a sell-off in global equities.
Spot gold dipped 0.45 percent to $1,832.10 per ounce, while U.S. gold futures were down half a percent at $1,834.30.
Investor sentiment has soured amid worries about higher interest rates and growing concerns surrounding Ukraine.
Ahead of next week's FOMC meeting, U.S. Treasury Secretary Janet Yellen said on Thursday she was confident the Federal Reserve and the Biden administration would take steps needed to bring down inflation during 2022.
President Joe Biden on Wednesday said he supports Federal Reserve Chairman Jerome Powell's expected move to start tightening monetary policy.
'Given the strength of our economy and pace of recent price increases, it's appropriate - as Fed Chairman Powell has indicated - to recalibrate the support that is now necessary,' Biden said.
U.S.-Russian tensions over Ukraine also weighed, with Washington reportedly allowing some Baltic states to send U.S.-manufactured weapons to Ukraine.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
