Gold Prices Fall For The Day, Lose 2.5% For The Week

Gold futures settled lower Friday after Federal Reserve Chairwoman Janet Yellen said that the central bank is likely to announce an interest-rate increase at its meeting later this month if employment and inflation continue to meet its expectations. Prices had already fallen in each of the last three sessions as other Fed officials hinted at an upcoming rate hike. April gold fell $6.40, or 0.5%, to settle at $1,226.50 an ounce. Prices lost about 2.5% for the week and settled at a two-and-a-half week low.