Gold resumed its drop for a fifth straight session on Friday, trading near its lowest level in eight months, on stronger confirmation that the Fed would raise its interest rates this year.
The yellow metal hit a low of $1142.89 an ounce, while it is currently trading at $1144.00, after opening at $1145.37.
Fed Chairwoman Janet Yellen revealed this week that the outlook for the U.S. labor market and economic conditions enables the central bank to hike borrowing cost this year.
With the near-zero interest rates environment coming to an end, gold faces more downside pressure, since it provides no yield to its holders.
The pressure intensified on gold, as the dollar climbed on Friday near its highest level since April, thereby cutting demand on dollar-priced commodities.
Gold is now set for its fourth straight weekly decline ahead of U.S. CPI inflation, housing starts and consumer sentiment data due later in the day.
The good news this week from Greece added further on gold prices, as Athens reached a deal with its European creditors, receiving a rise in ECB assistance to Greek lenders and a €7 billion EU loan to cover immediate needs.