Gold prices were little changed in early Asian hours on Friday, as traders awaited US inflation data due later in the day to gauge the Federal Reserve’s rate-hike stance. FUNDAMENTALS * Spot gold rose 0.1% to $1,931.95 per ounce, as of 0030 GMT, and was headed for a sixth consecutive weekly gain. US gold futures were up 0.1% at $1,932.00.* Investors are now awaiting US personal consumption expenditures (PCE) data due at 1330 GMT for clues on inflation. * On Thursday, bullion prices fell 1% due to a firmer dollar and strong US economic data that could prompt the Fed to keep interest rates higher for longer. * The US economy maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed considerably towards the end of the year. * Market participants are still expecting the Fed to raise rates by 25 basis points (bps) at its Jan. 31-Feb. 1 policy meeting. * Lower interest rates tend to be beneficial for bullion, decreasing the opportunity cost of holding the non-yielding asset. * Data from the US Labor Department on Thursday showed initial claims for state unemployment benefits fell 6,000 to a seasonally adjusted 186,000 for the week ended Jan. 21, the lowest level since April 2022. * Spot silver gained 0.3% to $23.95 per ounce, platinum rose 0.1% to $1,018.71, and palladium climbed 0.2% to $1,680.03.
