By Gina Lee

Investing.com – Gold was down on Friday morning in Asia but set for its first weekly gain since mid-April 2022. Investors turned to gold as a safe haven after the price fell from its two-decade-highs. There were growing worries about U.S. growth and this led to the price falling.

The price of $1,841.05 fell 0.01% by 12:34 ET (4:34 GMT) with the yellow metal rising about 1.5% during the week.

Stephen Innes of SPI Asset Management, managing partner, said to Reuters that “Recession fears” are giving way now to U.S.-growth fears.

He added that however, U.S. Federal Reserve’s aggressive rate hiking path and quantitative tightening would continue to be significant down-drafts on gold.

According to Reuters, economists believe that the U.S. central banks will raise interest rates by 2022, which is higher than was anticipated a month ago. This would keep the recession risks alive.

In Asia Pacific, the held the (LPR) at 3.7%, while cutting the five-year LPR to 4.45% from the previous month’s 4.6%. In the week to come, it will announce its policy decision.

Innes said, “It has been an exciting and thrilling week. After the clear-out below$1,800, driven by higher real yields it opened the door to long-term strategically buyers to move in front of technical downtrends.”

SPDR Gold Trust, (P:), also reported that its holdings increased 0.66%, to 1,056.18 tonnes on Thursday. This is in response to its losses.

The price of other precious metals dropped 0.3% to $21.83 an troy ounce. However, it has gained approximately 3.6% over the past week. Aside from a decrease of 0.7% and 0.1%, there were gains for the past week of around 1.7% to 2.8%.