"Gold steadies near $4,275, set for weekly loss as Fed hike bets rise"
Gold prices were little changed on Friday but remained on track for a weekly decline of more than 3%. Elevated energy prices and rising U.S. Treasury yields kept expectations for further Federal Reserve rate hikes in focus, weighing on the non-yielding metal.
Focus remains on oil prices, Treasury yields and the Fed’s next moves. Negotiators were reportedly exploring a phased agreement to reopen the Strait of Hormuz, while uncertainty over energy supplies continued to fuel inflation concerns. Higher yields and a stronger dollar could add further pressure on gold.