NEW YORK: Gold prices fell on Friday and were bound for a weekly dip following indications from US Federal Reserve officials that more interest rate hikes were due as the bank seeks to lower inflation.

Spot gold fell 0.7% to $1,748.84 per ounce by 2:08 p.m. ET (1908 GMT), set for a weekly decline of about 1.3%, its biggest since mid-October. US gold futures settled down 0.5% at $1,754.4.

The slight pullback in gold after the recent rally has been through a technical retracement in the gold market, said David Meger, director of metals trading at High Ridge Future. Federal Reserve Bank of Boston leader Susan Collins said on Friday the central bank has more rate rises ahead of it as it seeks to lower inflation, adding that a 75-basis point hike was still on the table.

The dollar index steadied, making gold more expensive for other currency holders, while benchmark US Treasury yields also edged higher.