Gold down 2.1% on week as Fed points to higher rates

Gold was down about 2.1% on the week, Reuters reported, even as U.S. gold futures rose 0.5% to settle at $4,321.20. Hawkish — meaning tough on inflation — signals from the Federal Reserve strengthened expectations rates stay higher for longer. That keeps cash payouts high, but makes non-interest-paying gold costlier to hold.