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Gold Dips Ahead Of US Jobs Report

Gold prices dipped on Friday and headed for a weekly fall as investors braced for more aggressive tightening stance from the U.S. Federal Reserve.

Spot gold slipped 0.1 percent to $1,935.72 per ounce, while U.S. gold futures were down 0.9 percent at $1,931.20.

Treasury yields climbed and the dollar extended a rebound versus major peers as investors looked forward to the March U.S. jobs report, due out later in the day.

Economists expect the report to show employment jumped by 490,000 jobs in March after an increase of 678,000 jobs in February. The unemployment rate is expected to edge down to 3.7 percent from 3.8 percent.

The jobs data could impact expectations regarding how quickly the Federal Reserve plans to raise interest rates in the months ahead.

In money markets, eight additional rate hikes by the Fed are priced in for the current year.

Eurozone inflation accelerated further to a new record high in March, flash data from Eurostat showed earlier today.

Inflation rose to 7.5 percent from 5.9 percent in February. The rate was also above the economists’ forecast of 6.6 percent.

Overnight data showed that the Federal Reserve’s preferred measure of core inflation jumped to 5.4 percent on year, its highest level in nearly 40 years.

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