Gold down amid uncertain Fed tapering timeline
Gold dropped in Asia on Friday and was set to end the week on a down note. The safe-haven asset declined as the dollar regained its strength and uncertainty over the U.S. Federal Reserve’s timeline for asset tapering continued to grow.
Gold futures inched down 0.03% to $1,799.45 by 12:27 AM ET (4:27 AM GMT), down 1.6% for the week. The dollar, typically moving inversely to gold, edged up on Friday.
A number of Fed officials, including Fed governor Michelle Bowman, remained confident that the lackluster U.S. jobs report for August would not push back asset tapering later in 2021. Data released on Thursday revealed a total of 310,000 initial jobless claims throughout the week.
Meanwhile, SPDR Gold Trust holdings went down to 998.17 tons, from Wednesday’s 998.52 tons.
In other precious metals, silver dipped 0.3%, while palladium gained 0.2%. Palladium soared 1.3%, recovering from a more than one-year low of $2,143.69 hit during the last session.