WASHINGTON (dpa-AFX) - Gold prices were flat to slightly higher on Friday, but were set for their biggest weekly fall since late November after a surprisingly hawkish report from the U.S. Federal Reserve.
Spot gold was little changed at $1,791.51 per ounce after two days of losses, putting it on course for a weekly off of about 2 percent. U.S. gold futures were up 0.1 percent at 1,791.40.
The dollar is set to notch up a fifth consecutive weekly gain on the Japanese yen after minutes from the Fed's December meeting indicated that officials are ready to aggressively dial back policy help.
Amid growing concern about inflation and a very tight job market, Fed officials said that a reduction in the balance sheet likely will start sometime after the central bank begins raising interest rates.
Investors now await the release of the U.S. Labor Department's closely-watched monthly jobs report out later in the day, which would give further indication on how soon the central bank may raise rates.
Economists expect employment to jump by 400,000 jobs in December after an increase of 210,000 jobs in November. The unemployment rate is expected to edge down to 4.1 percent from 4.2 percent.
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