FUNDAMENTALS
* Spot gold was up 0.1% at $1,824.88 per ounce, as of 0049 GMT, after hitting a 2-month low in the previous session. U.S. gold futures rose 0.3% to $1,831.40.
* For the week so far, bullion is down 0.9%.
* The dollar index eased off a seven-week high hit on Thursday, making bullion less expensive for buyers holding other currencies.
* The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, continuing to signal persistently tight labour market conditions.
* Meanwhile, data on Thursday showed fourth-quarter gross domestic product growth estimate being trimmed to a 2.7% annualized rate from the previously reported 2.9% pace. * A separate report on Thursday showed the fourth-quarter personal consumption expenditures (PCE) price index accelerated at a 3.7% pace, revised up from the previously estimated 3.2% pace. The upgrades point to higher January PCE price index readings, due at 1330 GMT.
* Traders of Fed funds futures expect benchmark rates to peak at 5.343% in July and remain above 5% through the year.
* Bullion is seen as a hedge against inflation, but rising interest rates dull the non-yielding asset’s appeal.
* Spot silver rose 0.2% to $21.34 per ounce, platinum eased 0.1% to $945.94 and palladium edged 0.1% lower to $1,447.60.
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