Gold edged up on ?Friday on safe-haven demand amid escalating tensions in the Middle East, but was headed for a weekly ?loss, as mounting inflation ?worries dimmed prospects for interest ?rate cuts.
Spot gold was up 0.3% at $5,093.76 U.S. per ounce, as of 0942 GMT. The metal is down over 3% so far this week, snapping a four-week winning streak, as ?fading ?interest rate-cut prospects and a volatile dollar weighed on ?bullion.
U.S. gold futures for April delivery were up 0.5% at $5,102.10.
While gold is considered a long-term hedge against inflation, it tends to do well when interest rates are low, as it is a non-yielding asset. It has risen over 18% so far this year.
The dollar slid around 0.1%, making greenback-priced ?bullion more affordable for holders of other currencies, but was headed for its steepest ?weekly gain in more than a year.
Meanwhile, U.S. Federal Reserve ?policymakers will meet on March 18, where they are widely expected to hold interest rates steady, according to CME Group’s FedWatch tool.
Investors are ?now looking out for February’s U.S. ?employment report, due later today, with a Reuters survey of economists predicting that nonfarm payrolls increased by 59,000 jobs last month.
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