Gold futures declined on Friday, pulling prices down for the week after six consecutive weekly gains. Friday’s price action “suggests gold is overbought in the near term,” said Andrew Schrage, chief executive officer at Money Crashers. Futures prices for the metal settled Thursday at their second highest on record. “For gold to break through any records, we’d probably need some confirmation that the [Federal Reserve] is done hiking rates,” said Schrage. “Markets are coming around to this idea, but there’s still significant uncertainty.” Gold for June delivery
GCM23,
fell $39.50, or 1.9%, to settle at $2,015.80 an ounce on Comex. For the week, prices for the most-active contract declined by 0.5%, according to Dow Jones Market Data.
