WASHINGTON (dpa-AFX) - Gold prices edged higher on Friday but were on course for their biggest weekly drop since February in the wake of hawkish comments from global central banks.
Spot gold edged up 0.2 percent to $1,917.83 per ounce, while U.S. gold futures were up 0.2 percent at $1,927.60.
Bullion prices were down more than 2 percent for the week as a spate of rate hikes from policymakers in England, Norway and Switzerland pushed up global bond yields and spurred risk aversion.
The dollar traded higher after U.S. Fed Chair Jerome Powell reiterated plans to continue raising interest rates during his second day of testimony on Capitol Hill.
European stocks were subdued in early trade as investors react to PMI reports from different European economies and U.K. for June.
Business activity growth in Europe slowed in June while U.K. retail sales logged an unexpected growth in May, separate reports showed.
Separately, British consumer confidence rose for the fifth consecutive month in June to hit a 17-month high, a closely watched survey revealed.
U.S. flash PMI reports for June as well as comments from Federal Reserve Bank of St. Louis President James Bullard, Federal Reserve Bank of Atlanta President Raphael Bostic, ECB board member Fabio Panetta and Federal Reserve Bank of Cleveland President Loretta Mester may sway markets later in the day.
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