Gold set for weekly decline; market awaits more US data
Nov 29 (Reuters) -Gold traded flat on Friday and was poised for a weekly decline as markets awaited key U.S. economic data, which are expected to shape the Federal Reserve's monetary policy outlook and influence bullion demand.
FUNDAMENTALS
* Spot gold XAU= fell 0.1% to $2,637.71 per ounce, as of 0006 GMT. Bullion was down nearly 3% so far this week.
* U.S. gold futures GCv1 edged 0.1% lower to $2,636.80.
* Key U.S. data scheduled for next week includes job openings, the ADP employment report and the employment report, all of which could provide insights into the Fed's rate cut trajectory.
* Trading was thin with U.S. markets closed on Thursday for the Thanksgiving holiday.
* Meanwhile, data on Wednesday showed progress in lowering U.S. inflation appears to have stalled in the past months, suggesting the Fed may proceed cautiously with further cuts.
* According to the CME Group's FedWatch Tool, markets currently see a 62.8% chance of a 25-basis-points reduction by the Fed in December.
* Geopolitically, the Israeli military said its air force struck a facility used by Hezbollah to store mid-range rockets in southern Lebanon on Thursday after both sides accused each other of breaching a ceasefire that aims to halt over a year of fighting.
* Additionally, Russia on Thursday unleashed its second big attack on Ukraine's energy infrastructure this month, triggering deep power cuts across the country.
* Gold is often regarded as a safe-haven investment during periods of economic or geopolitical instability, including trade wars.
* Spot silver XAG= shed 0.1% to $30.23 per ounce, platinum XPT= rose 0.1% to $932.55 and palladium XPD= was steady at $975.68.
DATA/EVENTS (GMT)
0745 France GDP QQ Final Q3
0745 France CPI (EU Norm) Prelim YY Nov
0745 France CPI (EU Norm) Prelim MM Nov
0745 France CPI Prelim YY NSA Nov
0745 France CPI Prelim MM NSA Nov
0745 France Producer Prices YY Oct
0855 Germany Unemployment Chg SA Nov
0855 Germany Unemployment Rate SA Nov
1000 EU HICP Flash YY Nov
1000 EU HICP-X F,E,A&T Flash YY Nov
1000 EU HICP-X F, E, A, T Flash MM Nov
Reporting by Daksh Grover in Bengaluru; Editing by Sumana Nandy
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