Gold struggles to gather recovery momentum and trades below $4,200 in the American session on Friday, pressured by the hawkish Fed tone and the renewed uncertainty surrounding the next round of US-Iran talks. Despite the bullish action seen in the first half of the week, XAU/USD remains on track to close in negative territory.

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.