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Gold Set For Weekly Gain As Inflation Fears Subside
(MENAFN- Baystreet)
Gold prices eased on Friday as the latest jobs data eased concerns on U.S. recession, with prices set for a weekly decline after a global sell-off earlier in the week led to big losses in bullion, while traders awaited further clues on U.S. rate cuts.
Spot gold was down 0.1% to $2,424.03 U.S. per ounce. U.S. gold futures was unchanged at $2,463.10.
Bullion was on track for its biggest weekly decline since June 7. Prices fell as much as 3% on Monday after investors liquidated positions in tandem with a broader equities selloff.
Markets see a 100% chance of a U.S. cut rate in September, according to the CME FedWatch Tool.
Investor focus shifts to the U.S. consumer price index (CPI) due next week for further insights into the Fed's policy path.
Spot gold was down 0.1% to $2,424.03 U.S. per ounce. U.S. gold futures was unchanged at $2,463.10.
Bullion was on track for its biggest weekly decline since June 7. Prices fell as much as 3% on Monday after investors liquidated positions in tandem with a broader equities selloff.
Markets see a 100% chance of a U.S. cut rate in September, according to the CME FedWatch Tool.
Investor focus shifts to the U.S. consumer price index (CPI) due next week for further insights into the Fed's policy path.
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