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FX.co ★ Gold Slips Ahead Of US Jobs Data

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typeContent_19130:::2022-06-03T10:08:00

Gold Slips Ahead Of US Jobs Data

Gold prices slipped in lackluster trade on Friday as investors react to hawkish comments from Fed Vice Chair Lael Brainard.

Spot gold slipped 0.2 percent to $1,864.86 per ounce while U.S. gold futures were down 0.2 percent at $1,867.80.

Brainard told CNBC it's "very hard to see the case for a pause" in rate hikes and the central bank still has "a lot of work to do to get inflation down to the 2 percent target."

A report on U.S. service sector activity along with the closely-watched monthly jobs data, which includes both public and private sector jobs, will be in the spotlight later in the day.

Economists expect U.S. employment to jump by 325,000 jobs in May after an increase of 428,000 jobs in April. The unemployment rate is expected to edge down to 3.5 percent from 3.6 percent.

It is believed that weaker-than-expected data could sway the Fed towards a less aggressive policy path.

Investors also await the announcement of the interest rate decision by the European Central Bank (ECB) next week.

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