WASHINGTON (dpa-AFX) - Gold prices were slightly lower on Friday after having risen over 1 percent overnight on the back of a pullback in U.S. Treasury yields and the dollar amid recession jitters.
Spot gold slipped 0.3 percent to $1,786.67 per ounce, after hitting a one-month high in the previous session. U.S. gold futures were down 0.2 percent at $1,802.75.
The U.S. dollar edged higher today, attempting to recoup some losses after its sharpest daily drop in more than two weeks.
The U.S. yield curve remains inverted as recession worries grow. After delivering a hefty hike in interest rates, the Bank of England on Thursday warned that Britain was facing a recession with a peak-to-trough fall in output of 2.1 percent.
Cleveland Federal Reserve Bank President Loretta Mester said on Thursday that the risks of recession have risen.
Traders await the U.S. Labor Department's jobs data later in the day for clues about the strength of the world's largest economy.
U.S. employment is expected to increase by 250,000 jobs in July after an addition of 372,000 jobs in June. The unemployment rate is expected to hold at 3.6 percent.
The strength of the jobs report could impact the outlook for interest rates, although the Federal Reserve will have much more data to digest before their next meeting in September.
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