Gold records its worst weekly fall this year on hawkish Fed minutes

Gold recorded its worst weekly slump this year in the week ending May 24 on hawkish FOMC minutes and robust US PMIs. Now, markets largely look for just one rate cut this year as traders readjust their rate expectations in the wake of the US data and the Fed’s stance.

Spot gold closed with a gain of 0.24% at $2334 Friday. The gains came on subdued US yields as the ten-year US yields eased by 0.26% to 4.467% Friday. However, the metal tumbled nearly 3.30% on the week after hitting its fresh record high of $2450 on May 20.