Gold futures suffered a loss for the session Friday, but tallied a gain for the week, as traders eyed developments in the Russia-Ukraine war and an increasingly hawkish Federal Reserve.
Gold was flat at $1,955 an ounce in early Asian trading on Monday, but will continue to be up around 2.5% on the month.
"The risk of the Russia-Ukraine war becoming [World War 3] is diminishing for the moment and the more immediate concern is the impact of more aggressive interest rates, especially on the economy," said Edmund Moy, former director of the United States Mint and senior IRA strategist for gold and silver dealer U.S. Money Reserve.
|GOL||GOL LINHAS AÉREAS INTELIGENTES||3.04||-0.15||-4.73%|
But Russian President Vladimir Putin is "a wild card, and the war can quickly get ugly and spread," Moy said.
Gold futures for April delivery fell 0.4% to settle at $1,954.20 an ounce on Comex, but prices based on the most-active contract still gained 1.3% for the week, according to Dow Jones Market Data.