Written by Gina Lee
Investing.com – Gold rose Friday morning in Asia but was headed for a second weekly loss. The focus is now on the US Federal Reserve’s policy decision that can provide clues as to when the tapering of assets will begin.
It rose 0.12% to $1,758.75 by 11:39 PM ET (3:39 AM GMT). The yellow metal fell 2.7% on Thursday and is down 1.8% so far last week.
The pair, which usually heads inversely to gold, fell on Friday but remained near three-week highs.
The US currency was boosted by that showed that the US grew 1.8% m/m and grew 0.7% m/m in August.
September was 30.7, while it was at 26.3. It rose to 332,000 over the past week.
Investors are now awaiting Michigan Consumer Expectations and Michigan Consumer Sentiment Indicators for September, which are due for release later in the day.
Some investors are now expecting assets to start running short in November, according to a Reuters poll, as the COVID-19 outbreak involving the delta variable likely affected the economic recovery in the third quarter.
The Fed will meet next week to issue its policy decision, which may provide clues to a timetable.
Across the Atlantic, European Central Bank chief economist Philip Lane revealed in a private meeting with German economists that he expects to meet the 2% inflation target by 2025, the Financial Times reported on Thursday. However, the European Central Bank has since rejected the article’s accuracy, causing the Bund futures to plummet.
In other precious metals, silver settled at $22.93 an ounce after hitting its lowest levels in more than a month on Thursday. Platinum rose 0.6 percent, while palladium fell 0.1 percent.
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