Gold headed for a second weekly decline after a slew of central banks followed the Federal Reserve in raising interest rates to cool inflation. Bullion slipped to the lowest in more than two years on Friday as the dollar climbed to a record. The precious metal joined the selloff in risky assets as investors opted for cash after the UK’s economic plan reignited concerns that central banks’ aggressive interest-rate hikes may lead to a recession. Weakness in bullion is “very likely to persist” due to “monetary tightening that makes gold costlier to hold,” said Gnanasekar Thiagarajan, director at Commtrendz Risk ... (full story)