Gold headed for worst week since end-March ahead of US jobs data
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. Spot gold was steady at $1,270.59 an ounce, as of 11.44am GMT. In the previous session, the metal dropped to $1,265.85, its lowest since the end of December. US gold futures were also flat at $1,271.60 an ounce. 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. “People expected the next move from the Fed to be a rate cut but it doesn’t look like there will be a rate cut anytime soon and the risk of another hike on the table increased after his statement,” Quantitative Commodity Research analyst Peter Fertig said. “[Right now], people are holding back and are waiting for the US non-farm payrolls...
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