Gold heads for second week of gains

Gold prices trend lower on Friday’s trade as US bond yields soared overnight on more than estimated inflation data, but the precious metal heads for second weekly gains in a row.

Russian president, Vladimir Putin, said to the press today that there is some progress in talks with Ukrainians on cease-fire, but he has not given more details.

It should be noted that the US consumer price index (CPI) hiked by 7.9% over the past 12 months, a fresh 40-year.

Spot gold fell 0.6% to $1,987.30 per ounce by 1620 GMT, after closing yesterday’s session above $2000 per ounce.