Gold drops, hovers near $1,800 mark ahead of US data
Gold fell in Asia on Friday but hovered near the $1,800 mark as investors wait for the release of the latest US jobs report.
Gold futures dropped 0.39% to $1,801.90 by 1:24 PM ET (5:24 AM GMT) and were poised for their worst weekly performance since mid-June of the previous year.
The US report, which includes non-farm payrolls data, is set to be released later in the day and could set the direction of the US Federal Reserve’s next policy move.
Earlier in the week, Fed Vice Chair Richard Clarida commented that conditions for a rate hike could be met in late 2022, fueling concerns that asset tapering could begin as early as this year. Clarida’s sentiments were shared by Fed Governor Christopher Waller as the country’s economic recovery from the coronavirus pandemic continues and the labor market improves.
In other precious metals news, silver dipped 0.2% and was at a 1.5% loss for the week. Meanwhile, platinum inched down 0.6%, and palladium remained steady at $2,649.71.