Gold prices suffer worst weekly drop since January amidst rate hike concerns.

Gold saw its worst week since January, with the benchmark for COMEX gold finishing down 2% due to the Bank of England's unexpected rate hike. The U.K.'s main interest rate is now at 5%, the highest since 2008 after the largest rate increase since February. The Fed indicates that it wants to raise rates at least twice more before the year ends. Gold could remain vulnerable if swap futures start to believe the Fed will likely deliver two more rate increases, but could see some flight to safety flows if risk aversion runs wild.