By Gina Lee
Investing.com – Gold was up on Friday morning in Asia and was set for its best weekly gain since November 2021. Investors await U.S. data that could provide clarity regarding U.S. Federal Reserve’s monetary policy, while a weakening and U.S. Treasury yields also provided support.
were up 0.28% to $1,826.45 by 10:26 PM ET (3:26 AM GMT), but the safe-haven asset has climbed 1.4% so far in the week.
The dollar, which normally trades inversely to gold, was down on Friday. Benchmark retreated from the two-year highs hit earlier in the week.
Lael Brainard on Thursday became the latest and most senior Fed official to signal that the Fed is getting ready to start raising interest rates in March 2022 at the U.S. Senate Banking Committee hearing for her vice-chair nomination. New York Fed President John Williams will also speak later in the day.
Meanwhile, data released on Thursday showed that the U.S. producer price index (PPI) grew 9.7% and 0.2% in December. The core PPI grew 0.5% and 8.3% . The number of was also higher than expected at 230,000 for the week.
Further data, including and , is due later in the day. Wells Fargo & Company (NYSE:), Citigroup Inc .(NYSE:), and JPMorgan Chase & Co. (NYSE:) will also report their earnings.
In Asia Pacific, Chinese data released earlier in the day showed that grew 20.9% year-on-year, grew 19.5% year-on-year, and the was at $94.46 billion, in December.
The handed down its latest policy decision earlier in the day, where it raised its interest rate to 1.25%.
In other precious metals, silver edged down 0.2%, while platinum inched up 0.1% and palladium gained 0.4%.