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Gold prices fell on Friday to hover near nine-month lows and were on track for a third straight weekly decline, as comments from Federal Reserve Chair Jerome Powell failed to ease concerns around both a spike in inflation and a sustained rise in interest rates.
Spot gold eased 0.2 percent to $1,694.60 per ounce, after having earlier fallen to its lowest since June 8 at $1,686.40. U.S. gold futures were down half a percent at $1,692.70.
The dollar and bond yields rose after Powell said he expects some inflationary pressures in the time ahead.
Powell said the recent run-up in bond yields was "notable" and that "disorderly conditions in financial markets" or a broad tightening of financial conditions would provoke a policy change. But he stopped short of saying that recent market gyrations meet those tests.
Powell repeated his pledge to keep credit loose, but offered few signs that the central bank might expand monetary stimulus.
The U.S. 10-year yields held above 1.5 percent, while the dollar surged to three-month highs after Powell's remarks.
Meanwhile, the U.S. Labor Department is set to release its February jobs report later today.
Economists expect employment to increase by 182,000 jobs after an increase of 49,000 jobs in January. The unemployment rate is expected to hold at 6.3 percent.
