Gold prices were stable Friday morning after steep losses in the previous session, with the Federal Reserve’s open-ended statement on interest rates leaving traders to speculate on when tightening will begin.
A June rate hike is apparently on the table despite first quarter economic weakness, as recent data has hinted that the U.S. job market is heating up in time for summer.
U.S. gold was down $4 at $1880 an ounce, having plunged $27 yesterday. Gold was down slightly for the month of April.
Markit is scheduled to release its final U.S. manufacturing index for April at 9:45 am ET. Economists expect the index to be upwardly revised to 54.5 from the flash estimate of 54.2, but down 55.7 in March.
The Institute for Supply Management is set to release the results of its national manufacturing survey at 10 am ET. The consensus estimate calls for the index to increase to 52 in April from 51.5 in March.
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