Gold Rebounds Before Inflation Data

(RTTNews) - Gold prices were up nearly 1 percent on Friday after slumping 3 percent in the previous session on dwindling hopes for Fed rate cuts.

Spot gold jumped 0.9 percent to $4,966.48 an ounce, rebounding from near a one-week low hit in the previous session. U.S. gold futures were up 0.8 percent at $4,988.89.

The U.S. dollar edged higher today but was on track for a weekly loss as economic uncertainties mount.

Treasury yields hovered near two-month lows after overnight data showed existing home sales tumbled to the lowest level in more than two years in January.

A separate report revealed that the number of Americans filing first-time unemployment claims decreased less than expected last week.

Investors now brace for the U.S. Labor Department's report on consumer price inflation for January later in the day that could shed additional clues on the likely path of interest rates.

Analysts expect the critical core CPI measure to ease to around 2.5 percent, marking a near five-year low.