FX.co ★ Gold Struggles For Direction On Hawkish Fed Bets

Gold struggled for direction on Friday and headed for a second straight weekly loss on uncertainty about further interest-rate hikes by the Federal Reserve.

Spot gold was marginally higher at $1,862.94 per ounce, while U.S. gold futures were down 0.2 percent at $1,874.

The dollar held firm and Treasury yields spiked after Richmond Fed President Thomas Barkin said it's important for the U.S. central bank to continue to raise rates to ensure if brings inflation back to the 2 percent target.

In Europe, the Bundesbank's president, Joachim Nagel, reaffirmed his call for more interest rate increases.

Elsewhere in Asia, the Reserve Bank of Australia boosted its forecast for core inflation and wages growth this year, and flagged further increases in interest rates.

A preliminary report on U.S. consumer sentiment, which includes readings on inflation expectations, may sway sentiment as the day progresses.

U.S. and British inflation readings, U.S. retail sales and industrial production data, and Japan GDP figures are due to be unveiled next week.