Gold prices were flat during early Asian hours on Friday, as traders awaited economic data due later in the day to gauge the Federal Reserve’s rate hike stance.
* Spot gold was little changed at $1,793.22 per ounce as of 0034 GMT. U.S. gold futures rose 0.3% to $1,801.20.
* Investors’ attention turns to personal consumption expenditure (PCE) data due at 1330 GMT, for cues on inflation.
* Bullion prices dropped more than 1% on Thursday after U.S. economic data showed the country’s economy rebounded faster than previously estimated, boosting the dollar and potentially setting the Fed on a keener path to fight inflation.
* New claims for unemployment benefits increased less than expected last week in the United States, while the economy rebounded faster in the third quarter, rising 3.2% against the previously estimated 2.9%.
* Although gold is considered an inflation hedge, rising interest rates increase the opportunity cost of holding bullion since it pays no interest.
* The European Central Bank may raise rates at its current pace for a “period of time” to curb inflation, said Vice-President Luis de Guindos.
* Britain’s economy contracted more than first thought in the third quarter of this year, data showed on Thursday.
* Spot silver fell 0.1% to $23.55, platinum gained 0.1% to $978.76 and palladium rose 0.2% to $1,683.50.
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