April 21 (Reuters) - Gold prices dropped about 1% on Friday and were headed for their biggest weekly decline in around two months with markets expecting the U.S. Federal Reserve to opt for a higher for longer interest rate stance to control inflation.

Spot gold was down 0.8% at $1,987.59 per ounce by 1150 GMT. Bullion has also lost about 0.8% so far this week, its biggest such decline since late February. U.S. gold futures fell 1% to $1,998.10...[LINK]