The gold held onto Friday s gains amid risk-off sentiment as investors weigh mixed labor data from the U.S. Federal Reserve hawkish tilt and the threat of the omicron variant.
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The US job growth registered its smallest increase this year, while the unemployment rate fell by more than forecast to 4.2%, which is a mixed picture that may push the Fed to speed up the wind-down of the Pandemic. It came after Chair Jerome Powell signaled a faster tapering of asset purchases amid elevated inflation.
The Goldman Sachs Group Inc. economists cut their forecasts for the US economy this year and next after they decided that the spread of the omicron strain of the coronaviruses would exert a small downside drag on growth. Moderna Inc. President Stephen Hoge said there was a real risk that existing Covid 19 vaccines won't be effective against omicron, while U.S. medical adviser Anthony Fauci said the variant's severity may be limited.
Bullion rose Friday to a third straight week loss, the longest stretch since September, amid the prospects of less accommodative monetary policy and omicron risks. The Fed is under pressure to deliver faster tightening as consumer prices due to this Friday are projected to show the largest annual advance in decades.
Spot gold was steady at $1,784. After rising 0.8% Friday, Singapore had 51 an ounce by 9: 05 a.m. The Bloomberg Dollar Spot Index was little changed. Platinum, palladium and silver advanced.
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