2022.05.0609:49:00UTC+00Gold Inches Higher As Growth Concerns Resurface

Gold prices inched higher on Friday as global equities fell towards their lowest level in over a year on concerns of an economic slowdown.

Treasury yields were mixed and the dollar held near two-year highs ahead of a spate of important U.S. data due later in the day.

Spot gold edged up 0.3 percent to $1,882.40 per ounce, while U.S. gold futures were up 0.3 percent at $1,881.60.

Equities slumped in the face of inflation and growth concerns. As the yield curve steepens, there are fears that the Federal Reserve is not doing enough to cool inflation.

Investors now await the monthly U.S. jobs data as well as comments by several Fed officials for more clues about the economic outlook.

Economists expect U.S. employment to jump by 391,000 jobs in April after an increase of 431,000 jobs in March. The unemployment rate is expected to edge down to 3.5 percent from 3.6 percent.