U.S. and European equity futures rose Friday along with most Asian stocks amid optimism that the pandemic recovery can weather elevated inflation and tightening monetary policy.
Gold prices eased on Friday due to a firmer dollar but were on track for their biggest weekly gain in six months as concerns over soaring U.S. consumer prices boosted the metal’s appeal as an inflation hedge.
Spot gold fell 0.2% to $1,857.84 per ounce by 0625 GMT, after hitting a five-month peak on Wednesday. U.S. gold futures eased 0.1% to $1,861.30.
Gold prices edged up on Thursday, recovering from a three-week low in the last session as investors took solace in the U.S. Federal Reserve saying it would not rush into hiking interest rates even as it begins tapering its stimulus. Spot gold rose 0.3% to $1,775.00 per ounce by 0419 GMT, after touching its lowest since Oct. 13 on Wednesday. U.S. gold futures gained 0.7% to $1,775.40.