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Gold Down, Dollar Softens on Easing Growth Fears By Investing.com

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© Reuters.

By Zhang Mengying

Investing.com – Gold was down on Friday morning in Asia although growth fears seem to ease. 

inched down 0.01% to $1,739.60 by 11:07 PM ET (3:07 AM GMT). The which normally moves inversely to gold, edged down on Friday morning.

Gold prices have lost about 3.7% this week. It is likely to be their fourth straight weekly fall and worst since mid-May.

Benchmark dipped on Friday, lending non-yielding bullion a hand.

U.S. initial jobless claims rose to 235,000 last week, signaling that demand for labor is cooling, as the U.S. Federal Reserve delivers tightening monetary policies.

U.S. Federal Reserve governors Christopher Waller and St. Louis Fed President James Bullard backed on Thursday the need for restrictive policy to bring down soaring prices but suggested that the U.S. can still avert a recession.

Boosting market sentiment, U.S. President Joe Biden will discuss possible U.S. tariffs on Chinese goods in a meeting with advisers later in the day.

In other precious metals, was down 0.46%. Platinum fell 0.27%, while palladium eased 0.36%.

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