Bengaluru — Gold was flat on Friday but the metal was set for its best weekly gain since November, buoyed by a weaker US dollar and Treasury yields, as traders awaited more economic data for clarity about the Federal Reserve’s tapering policy.
“However, the yellow metal’s failure to break above $1,830 and hawkish comments from two Fed bankers caused the contract to retreat to close lower on Thursday.” Fed governor Lael Brainard on Thursday became the latest and most senior US central banker to signal that the Fed is likely to start raising interest rates in March.
Investors await US economic data including retail sales and industrial production due later in the day, after December inflation print came in line with expectations.
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