WASHINGTON (dpa-AFX) - Gold prices held steady near four-month low on Friday after Fed Chairman Jerome Powell dashed hopes for an interest rate cut down the road, saying low inflation in the U.S. could be 'transitory'.
Spot gold was little changed at $1,270.79 per ounce, after having fallen to $1,265.85, its lowest level since end-December, on Thursday. U.S. gold futures also held steady at $1,271.65 an ounce.
The dollar is holding firm ahead of the all-important U.S. jobs report due out later in the day, with analysts expecting employment to increase by 185,000 jobs in April following the addition of 196,000 jobs in March. The unemployment rate is expected to hold at 3.8 percent.
Asian stock markets ended mostly lower in thin holiday trade, while European shares gained ground on the back of positive earnings updates from regional banks.
Trading in U.S. stock futures point to a cautious opening on Wall Street later in the day.
On the data front, Eurozone's consumer price inflation accelerated more-than-expected in April to its highest level in five months, led by higher energy prices and services costs, preliminary data from Eurostat showed.
Separately, a survey showed the U.K. services sector activity jumped back into the expansion territory in April.
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