GOLD prices hit a pause on Friday (Apr 5) after scaling to historic highs in the previous session on expectations of lower US interest rates this year, while traders await further cues from a key jobs report due later in the day.
Spot gold was down 0.2 per cent at US$2,284.84 per ounce, as at 0052 GMT, after hitting a record high of US$2,305.04 on Thursday. Bullion was on track for a third straight weekly gain, up 2.3 per cent so far.
US gold futures edged 0.2 per cent lower to US$2,303.80 per ounce.
Powell reiterated that the US central bank has time to deliberate over its first rate cut, given the strength of the economy and recent high inflation readings.
Lower interest rates reduce the opportunity cost of holding bullion.
Data showed the number of Americans filing new claims for unemployment benefits increased more than expected last week as labour market conditions gradually ease.
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Investor focus will now shift to US March non-farm payrolls data due at 1230 GMT which could shed more light on the timing of the Fed’s first rate cut.
Meanwhile, Canada recorded a bigger-than-expected trade surplus of C$1.4 billion (S$1.4 billion) in February as a record level of unwrought gold helped exports outpace the rise in imports, data showed on Thursday.
Perth Mint’s gold product sales in March dropped to their lowest level in nearly five years, pressured by a fall in demand as customers responded to rising prices.
Spot silver fell 1 per cent at US$26.69 per ounce, platinum edged 0.1 per cent higher to US$926.36 and palladium lost 0.7 per cent to US$1,013.67. REUTERS
