Gold is Rising But Waiting For The Data

Gold rose on Friday morning in Asia. However, the yellow metal braced for its third consecutive weekly decline, weighed by signs that the US Federal Reserve will accelerate the pace of reduction in asset purchases and raise interest rates earlier than expected to curb inflationary pressures.

Gold futures rose 0.66% to $1,774.30, after falling to their lowest level in nearly a month on Thursday. Gold is down 1.3% so far for the week.

The US Federal Reserve continues to reinforce its message that it will accelerate the decline in asset purchases. Atlanta Federal Reserve Chairman Rafael Bostic said at the Reuters NEXT conference on Thursday that it would be appropriate to end the Fed’s bond-buying program by the end of March 2022.