Gold Breaks $1,700 Level for First Time since Last June

Gold prices declined on Friday, extending their weekly losses as the U.S. Dollar (USD) strengthened and higher Treasury yields continued to drive away demand from the yellow metal.

The first week of March continues on the negative performance of last month, as February saw the worst performance for gold futures since November 2016.

Gold futures for April delivery lost $2.20, or 0.1%, to close at $1,698.50 per ounce.

This is the first time for gold futures to settle below $1,700 an ounce since June 2020.

For the week, the yellow metal most active contract declined by about 1.75%.