Gold prices down heading for weekly loss

Gold slid on Friday and was heading for its biggest weekly decline since mid-March on signs of faster policy tightening by the U.S. Federal Reserve.

Spot gold was down 0.8% at $1,936.14 per ounce by (1621 GMT). The metal has lost 1.9% so far this week.

The Federal Reserve Chair, Jerome Powell, said that hiking interest rate by 50pbs would be discussed during the May meeting estimating more hikes this year.

This comes within many procedures the Fed is trying to take, in order to put inflation back under control.