Gold’s five-session record surge, which set the metal on track for its third straight weekly rise, came to a halt on Friday as market focus shifted to the U.S. non-farm payrolls data that could offer more clues on the Federal Reserve’s monetary policy trajectory.
Spot gold was down 0.5% at $2,278.50 per ounce, after hitting a record high of $2,305.04 on Thursday. U.S. gold futures lost 0.5% to $2,296.90.
Experts added the U.S. dollar’s decline, investor expectations that the Fed will cut rates this year, economic uncertainty and rising tensions in the Middle East have been a driving force for the markets and much more for gold.
Bullion was on track for a third straight weekly gain, up 2.3% so far, also driven by strong central bank buying and demand from momentum-following funds.
Focus now shifts to U.S. March non-farm payrolls, due at 8:30 EDT, which could shed more light on the timing of the Fed’s first rate cut.
