Gold Edges Lower as Investors Weigh Virus Risks to Global Growth
- Goldman cuts U.S. GDP forecast with omicron drag on outlook
- Fed seen on track for faster tapering despite mixed jobs data
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Gold edged lower as investors weighed mixed labor data from the U.S., the Federal Reserve’s hawkish tilt and the threat of the omicron variant to global growth.
Data Friday showed U.S. job growth registered its smallest increase this year while the unemployment rate fell by more than forecast to 4.2%, offering a mixed picture that may nevertheless push the Fed to quicken the wind-down of pandemic stimulus. It came after Chair Jerome Powell signaled faster tapering of asset purchases amid elevated inflation.