Spot gold falls 0.1% with bullion down about 1.4% so far this week
Bengaluru — Gold prices eased on Friday as investors keenly look forward to the US non-farm payrolls report due later in the day to assess the likely path of the Federal Reserve's rate-tightening cycle.Bullion is likely to decline this week and is down about 1.4% for the period.
Earlier this week, Fed chair Jerome Powell warned of higher and potentially faster interest rate hikes to contain high inflation.Gold had jumped more than 1% on Thursday after data showed the number of Americans filing new claims for unemployment benefits last week increased by the most in five months, spurring hopes that a softening labour market could pave the way for less-aggressive rate hikes from the Fed.
Gold is likely to “trade choppy” as investors await the US NFP and unemployment data to get “fresh cues” on Fed's next moves, Hareesh said.
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