WASHINGTON (dpa-AFX) - Gold prices edged lower on Friday after climbing more than 1 percent in the previous session as Fed Chair Jerome Powell said the central bank will evaluate data to adjust the 'pace and destination' of rates.
Spot gold dipped 0.7 percent to $2,688.39 per ounce while U.S. gold futures were down 0.4 percent at $2,695.70.
The dollar was set for a small weekly gain as traders digested the implications of a new Trump presidency as well as benign Federal Reserve.
On Thursday, the Fed delivered a 25-basis point interest-rate cut and signaled no intention to skip cutting rates.
However, Fed Chair Jerome Powell stressed during his post-meeting press conference that rates are not on 'any preset course' and that the central bank will make future decisions 'meeting by meeting' to deal with the risks to both sides of the dual mandate.
Meanwhile, investors are preparing for a 'Trump 2.0 era' and 'America First' economic stance.
Concerns remain about the effect planned tariff increases will have on inflation and interest rates.
The U.S. economic calendar remains light, with trading later in the day likely to be impacted by reaction to the University of Michigan's preliminary report on consumer sentiment for November, which includes readings on consumers' inflation expectations.
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