Gold prices were moving lower on Friday while Treasury yields ticked higher in the wake of broad-based and persistent price pressures and a more hawkish pivot by the Federal Reserve.
Spot gold was marginally lower at $1,957.57 per ounce, while U.S. gold futures were down 0.2 percent at$1,957.90.
While fears of aggressive tightening by the Federal Reserve dented bullion's appeal, prices were set for a third weekly gain in four due to lingering concerns around the Ukraine conflict.
Chicago Fed President Charles Evans said Thursday he's "comfortable" with raising rates in quarter-point increments, while being "open" to a 50 basis-point move if needed.
He expects six more 25 basis point increases in the central bank's policy interest rate by the end of the year and three more next year, putting the Fed funds rate in a range of 2.75- 3 percent by the end of 2023.
Meanwhile, the Kremlin said today that U.S. talk of Russia possibly resorting to chemical weapons in Ukraine was a tactic to divert attention away from awkward questions for Washington.
U.S. President Joe Biden will travel to a town near the Polish-Ukrainian border today as Russia continues its bombardment.
