2023.03.3110:04:00UTC+00Gold Holds Steady Ahead Of US Inflation Data

Gold prices were little changed on Friday after three Fed officials kept the door open to more rate hikes to lower high levels of inflation.

Spot gold slipped 0.1 percent to $1,978.92 per ounce, while U.S. gold futures were down 0.1 percent at $1,996.15.

While Boston Fed President Susan Collins expects one more quarter-point rate increase, Richmond Fed President Thomas Barkin said he remains undecided on how to adjust rates at the May meeting.

Minneapolis Fed President Neel Kashkari said the Fed needs to focus on lowering inflation back to 2 percent and that it's not yet fully clear what impact the collapse of Silicon Valley Bank will have on the economy.

The U.S. inflation reading contained in the personal income and spending report is likely to be in the spotlight today, along with other reports on consumer sentiment and Chicago-area business activity.

Markets currently see a 52.2 percent chance of the Fed standing pat on interest rates in May, according to the CME FedWatch tool.

Earlier today, data showed Eurozone inflation eased more than expected in March as a result of lower energy prices.