Gold headed for the fifth weekly drop in six after Federal Reserve Chairman Jerome Powell's comments Wednesday had traders trimming bets on an interest rate cut this year. Investors' focus is now on Friday's U.S. payrolls data release and U.S.-China trade talk developments.
Powell downplayed a recent slide in U.S. inflation, saying that "transitory" factors may be dragging it down. Friday's jobs report is expected to show a tight labor market that’s pressuring firms to keep boosting wages.
Spot gold +0.1% at $1,272.25/oz at 7:11am in London; -1.1% this week. Meanwhile, Spot silver -3% this week, trades near Dec. low, Platinum -5.4% this week, Palladium -7.5% this week, most since end-March.
Source : Bloomberg