FUNDAMENTALS
* Spot gold rose 0.1% to $1,631.33 an ounce, by 0043 GMT, but was down 0.6% for the week so far.
* US gold futures rose 0.2% to $1,633.70.
* The dollar index was set for its biggest weekly gain since September 23.
* On Wednesday, the Fed raised interest rates by 75 basis points and Chairman Jerome Powell pledged to “continue” their battle to defeat inflation.
* Gold is considered a hedge against inflation, but rising interest rates reduce the attractiveness of this yieldless asset.
* Investors’ attention now turns to US nonfarm payrolls data for October, due at 12:30 GMT, which could offer fresh clues to the Fed’s rate hike plan.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.82% to 911.59 tonnes on Thursday from 919.12 tonnes on Wednesday.
* Meanwhile, the Bank of England on Thursday raised interest rates the highest since 1989, but warned investors that the risk of Britain’s longest recession in at least a century means borrowing costs are likely to increase less than expected.
* Spot silver was flat at $19.46, platinum fell 0.1% to $917.84 and palladium was flat at $1
FUNDAMENTALS
* Spot gold rose 0.1% to $1,631.33 an ounce, by 0043 GMT, but was down 0.6% for the week so far.
* US gold futures rose 0.2% to $1,633.70.
* The dollar index was set for its biggest weekly gain since September 23.
* On Wednesday, the Fed raised interest rates by 75 basis points and Chairman Jerome Powell pledged to “continue” their battle to defeat inflation.
* Gold is considered a hedge against inflation, but rising interest rates reduce the attractiveness of this yieldless asset.
* Investors’ attention now turns to US nonfarm payrolls data for October, due at 12:30 GMT, which could offer fresh clues to the Fed’s rate hike plan.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.82% to 911.59 tonnes on Thursday from 919.12 tonnes on Wednesday.
* Meanwhile, the Bank of England on Thursday raised interest rates the highest since 1989, but warned investors that the risk of Britain’s longest recession in at least a century means borrowing costs are likely to increase less than expected.
* Spot silver was flat at $19.46, platinum fell 0.1% to $917.84 and palladium was flat at $1
