Gold Settles At 3-month Low, Down 3.1% For The Week

Gold futures settled Friday at their lowest level since late February, tallying a weekly loss of about 3.1%, on the back of growing expectations for an interest-rate increase by the U.S. Federal Reserve next month and overall strength in the U.S. dollar. Prices extended their declines ahead of gold's settlement after Fed Chairwoman Janet Yellen said during an interview that another rise in interest rates in the coming months would probably be appropriate. June gold settled at $1,213.80 an ounce, down $6.60, or 0.5%, for the session.