Gold was set to end to the week lower as elevated energy prices drove bond yields higher and fueled expectations the Federal Reserve will need to raise interest rates further to contain inflation. Gold dropped — following a weekly decline — as an impasse over the Strait of Hormuz kept energy costs elevated and maintained pressure on the Federal Reserve to raise interest rates further to combat sticky inflation. Key points and original sources are listed below.

• Gold was set to end to the week lower as elevated energy prices drove bond yields higher and fueled expectations the Federal Reserve will need to raise interest rates further to contain inflation.S1

• Gold dropped — following a weekly decline — as an impasse over the Strait of Hormuz kept energy costs elevated and maintained pressure on the Federal Reserve to raise interest rates further to combat sticky inflation.S2