World Economy

Gold Plummets

Gold PlummetsGold Plummets

Gold fell on Friday for the first time this week as hawkish comments from US Federal Reserve officials renewed bets on a US rate hike this year, but was still on track to end the week with modest gains, CNBC reported. Spot gold was down 0.4% at $1,346.56 an ounce, but up 0.8% for the week. US gold dropped 0.4% to $1,351.60 an ounce. San Francisco Fed President John Williams on Thursday joined a growing chorus of his colleagues signaling support for a US interest rate hike in coming months. Palladium was down 1% at $705.47, after hitting a one-week high of $717.70 Thursday.