Feb 24 (Reuters) - Gold prices edged up on Friday as the
U.S. dollar softened, while traders awaited economic data due
later in the day to gauge the Federal Reserve's rate-hike
stance.
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.
DATA/EVENTS (GMT)
0700 Germany GDP Detailed QQ SA, YY NSA Q4
1330 US Consumption, Adjusted MM Jan
1330 US Core PCE Price Index MM, YY Jan
1330 US PCE Price Index MM, YY Jan
1500 US U Mich Sentiment Final Feb
1500 US New Home Sales-Units Jan
(Reporting by Kavya Guduru in Bengaluru; editing by Uttaresh.V)
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