Gold is preparing to close the week with a loss as the dollar and bond yields rise after the second quarter growth in the USA exceeded expectations.
Gold is poised to close the week with losses as investors evaluate strong US economic data, which indicates that the Fed needs to make more progress in its fight against inflation.
Spot gold is trading at $1,950 an ounce.
Spot gold tumbled on Thursday as dollar and bond yields soared after US data showed unexpected momentum in second-quarter growth.
US data reversed initial gains earlier that day after the Fed pushed rates to a 22-year high.
However, the fact that the Central Bank’s preferred core inflation metric was 3.8 percent below expectations added more uncertainty to the already mixed picture regarding the interest rate path.
Commenting on the Fed’s roadmap, Fed Chairman Jerome Powell reiterated on Thursday that additional tightening will depend on future data.