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Gold Down, but Heads For Second Consecutive Weekly Gain

By Gina Lee

Investing.com – Gold was down on Friday morning in Asia. However, the yellow metal was on course for a second consecutive weekly gain as investors brace for the U.S. Federal Reserve’s policy decision.

Gold futures inched down 0.07% to $1,841.30 by 11:19 PM ET (4:19 AM GMT), while benchmark U.S. 10-year Treasury yields dropped on Thursday.

Gold has gained about 1.2% so far this week and is set for its second weekly gain in three in January. Although it has had a positive start to 2022, it could be a difficult year for gold.

Investors now await the Fed’s next policy decision, due to be handed down on Jan. 25.

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On the data front, U.S. data released on Thursday showed that 286,000 initial jobless claims were filed throughout the week, a three-month high. Separately, the Philadelphia Federal Reserve Manufacturing Index was 23.2 in January. Existing home sales were at 6.18 million, but contracted 4.6% month-on-month, in December.

In Asia Pacific, Japanese data released earlier in the day showed that the national core consumer price index grew 0.5% year-on-year, and the national CPI grew 0.8% year-on-year, in December. The Bank of Japan also released the minutes from its most recent policy meeting.

In other precious metals, silver was down 0.4% but set for its best week in a year and is up about 6% so far. Palladium fell 0.6% but was poised for a weekly gain of about 9%. Platinum was down 0.4% but remained on course for its best weekly showing in seven months and has gained about 6.6% so far.

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