WASHINGTON (dpa-AFX) - Gold prices traded higher on Friday while the dollar slipped after data showed a surge in initial jobless claims last week, raising apprehensions about the health of the U.S. labor market.
Spot gold edged up 0.3 percent to $2,637.93 per ounce while U.S. gold futures were up 0.6 percent at $2,653.85.
Thursday's day showed slightly stickier inflation for September and a big jump in the initial jobless claims to its highest level in a year last week.
Traders now await U.S. producer price inflation data along with other readings on consumer sentiment and inflation expectations later in the day for more clues on the U.S. interest-rate path.
Atlanta Federal Reserve Bank President Raphael Bostic said in an interview with the Wall Street Journal that he would be 'totally comfortable' skipping an interest-rate cut at the next Fed meeting if economic data warrants it.
Other Fed officials including Austan Goolsbee and John Williams also insisted that the timing and pace of rate cuts in coming months will depend on the data.
On the geopolitical front, the Israeli military has killed 22 people in Beirut and wounded 117 in a series of airstrikes launched on Thursday.
Arab states are reportedly lobbying U.S. to stop Israel from attacking Iran's oil sites, fearing that Tehran may retaliate by striking their own oil infrastructure in the region.
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