Gold headed for its biggest weekly loss since early February after major central banks signaled they'd need to stay hawkish for longer to bring down inflation. 

Bullion was steady Friday after a run of four daily losses that's pushed it down 2.2% this week. Federal Reserve Chair Jerome Powell reiterated on Thursday that one or two more rate hikes would be needed this year. That pushed the yield on two-year Treasuries to a three-month high, a headwind for gold, which doesn't offer interest.

The Bank of England and its Norwegian counterpart both accelerated their tightening with half-point rate moves on Thursday. That followed the European Central Bank, which raised borrowing costs last week and signaled another hike was probably coming in July. 

The precious metal has fallen about 7% since rising to near a record high in late May. As well as the outlook for higher interest rates, it's lost some haven demand as fears of a US regional banking crisis eased. However, the possibility of a Fed-induced recession in the world's largest economy may offer it some support.

Spot gold was steady at $1,914.66 an ounce as of 9:07 a.m. in Singapore, after dropping 1% on Thursday. The Bloomberg Dollar Spot Index was little changed and is up 0.4% for the week. Silver, platinum and palladium all edged lower.

Source : Bloomberg