WASHINGTON (dpa-AFX) - Gold prices were mixed on Friday and the dollar steadied near a one-week high versus major peers as traders tempered expectations for aggressive Federal Reserve interest-rate cuts.
Spot gold edged up 0.2 percent to $2,524.57 per ounce while U.S. gold futures were down 0.1 percent at $2,557.95.
The dollar is on track to snap a five-week losing streak as positive U.S. labor market and GDP data pointed to a soft landing for the world's largest economy.
Revised data revealed the U.S. economy grew at a 3 percent annual pace in the second quarter instead of the 2.8 percent rate originally estimated, amid strong consumer spending and downward revisions to the pace of consumer price growth.
Another report showed jobless claims ticked down by 2000 to 231000 for the week of Aug. 24.
All eyes now remain on the release of the U.S. PCE inflation data later in the day that could impact expectations regarding how quickly the Federal Reserve will lower rates.
In his speech in Jackson Hole last week, Fed Chair Jerome Powell said: 'The time has come to fix policy. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks'.
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