Gold is down about 1.2% so far this week, with silver and palladium also dipping slightly
Bengaluru — Gold was steady on Friday as the market awaited US non-farm payrolls data but was headed for its biggest weekly decline since the end of March, as the dollar gained after the US Federal Reserve doused expectations of a near-term rate cut.
Gold has fallen more than 1% in the last two sessions and is down more than 1% this week after the US Federal Reserve emphasised it saw no compelling reason to consider a rate cut any time soon. “[Right now], people are holding back and are waiting for the US non-farm payrolls data ... the dollar is heading higher which is negative for the precious metals complex.”
The dollar was up about 0.2% against key rivals and was on track to post its third straight session of gains.
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