In the early morning of the 18th Beijing time, gold futures prices closed down on Friday. The Fed's policy stance tends to be hawkish, pushing the dollar stronger, sending gold futures prices this week to their biggest weekly decline since March 2020.
Federal Reserve Chairman Bullard said Friday that he expects the central bank to raise interest rates in 2022.
Edward Moya, an analyst at Oanda, said Brad's remarks put pressure on gold prices.
Overall, he said, "the Fed's hawkish tendencies destabilized bond markets this week and supported the dollar, which is bad news for gold."
Gold futures for August delivery on the New York Mercantile Exchange fell $5.80, or 0.3%, to close at $1769 an ounce. Silver futures for July delivery rose 11 cents, or 0.4%, to close at $25.97 an ounce.
Gold futures prices are down 5.9% this week, the biggest weekly decline since March 13, 2020. Silver futures are down 7.7% this week.