Mumbai, 5 Apr (Commoditiescontrol): Gold prices eased on Friday after scaling to historic highs in the previous session on expectations of lower U.S. 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% at $2,284.84 per ounce, after hitting a record high of $2,305.04 on Thursday. Bullion was on track for a third straight weekly gain, up 2.3% so far. U.S. gold futures edged 0.2% lower to $2,303.80 per ounce.
Powell reiterated that the U.S. 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 labor market conditions gradually ease.
Investor focus will now shift to U.S. 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$1.39 billion ($1.03 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% at $26.69 per ounce, platinum edged 0.1% higher to $926.36 and palladium lost 0.7% to $1,013.67.
(By Commoditiescontrol Bureau: 09820130172)
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