<p>Gold prices were little changed on Friday as traders awaited US inflation data, due later in the day, to gauge the Federal Reserve's stance on further interest rate hikes.</p>.<p>Spot gold was flat at $1,927.99 per ounce as of 0234 GMT, while US gold futures were off 0.1 per cent at $1,928.30.</p>.<p>Investors are now awaiting US personal consumption expenditures (PCE) data, the Fed's preferred inflation measure, at 1330 GMT for cues on the central bank's path forward.</p>.<p>Traders are in wait-and-see mode, said IG Market strategist Yeap Jun Rong, adding that a downside surprise in inflation may point towards a less-hawkish Fed, which could drive longer-term upward moves in gold prices.</p>.<p>On Thursday, bullion prices fell 1 per cent after data showed the US economy grew at a faster pace in the December quarter than economists had expected, prompting bets that the Fed to keep interest rates higher for longer.</p>.<p>However, this could have been the last quarter of solid growth before the impact of the Fed's aggressive tightening spree starts reflecting, with most economists expecting a mild recession by the second half of 2023.</p>.<p>The GDP data points to a resilient US economy but there were some signs of challenges to the economy, which kindled some hopes of a less aggressive Fed, Yeap said.</p>.<p>Investors broadly expect the Fed to scale back rate hikes to 25 basis points (bps) at its January 31-February 1 meeting, from 50 bps in December.</p>.<p>Lower interest rates tend to be beneficial for bullion as it lowers the opportunity cost of holding the non-yielding asset.</p>.<p>Spot silver fell 0.2 per cent to $23.86 per ounce.</p>.<p>Platinum lost 0.4 per cent to $1,013.88, and palladium also slipped 0.4 per cent to $1,670.87. Both the metals were headed for a third straight week of declines. </p>
<p>Gold prices were little changed on Friday as traders awaited US inflation data, due later in the day, to gauge the Federal Reserve's stance on further interest rate hikes.</p>.<p>Spot gold was flat at $1,927.99 per ounce as of 0234 GMT, while US gold futures were off 0.1 per cent at $1,928.30.</p>.<p>Investors are now awaiting US personal consumption expenditures (PCE) data, the Fed's preferred inflation measure, at 1330 GMT for cues on the central bank's path forward.</p>.<p>Traders are in wait-and-see mode, said IG Market strategist Yeap Jun Rong, adding that a downside surprise in inflation may point towards a less-hawkish Fed, which could drive longer-term upward moves in gold prices.</p>.<p>On Thursday, bullion prices fell 1 per cent after data showed the US economy grew at a faster pace in the December quarter than economists had expected, prompting bets that the Fed to keep interest rates higher for longer.</p>.<p>However, this could have been the last quarter of solid growth before the impact of the Fed's aggressive tightening spree starts reflecting, with most economists expecting a mild recession by the second half of 2023.</p>.<p>The GDP data points to a resilient US economy but there were some signs of challenges to the economy, which kindled some hopes of a less aggressive Fed, Yeap said.</p>.<p>Investors broadly expect the Fed to scale back rate hikes to 25 basis points (bps) at its January 31-February 1 meeting, from 50 bps in December.</p>.<p>Lower interest rates tend to be beneficial for bullion as it lowers the opportunity cost of holding the non-yielding asset.</p>.<p>Spot silver fell 0.2 per cent to $23.86 per ounce.</p>.<p>Platinum lost 0.4 per cent to $1,013.88, and palladium also slipped 0.4 per cent to $1,670.87. Both the metals were headed for a third straight week of declines. </p>