* Spot gold was flat at $1,823.20 per ounce by 0113 GMT, after hitting a one-week low of $1,820.99 earlier in the session. U.S. gold futures fell 0.3% to $1,823.80.
* Gold prices have dropped about 0.9% this week.
* The U.S. Federal Reserve’s commitment to reining in 40-year-high inflation is “unconditional,” its chair Jerome Powell told lawmakers on Thursday, even as he acknowledged that sharply higher interest rates may push up unemployment.
* Stocks in global markets rose on Thursday, as U.S. Treasury yields fell to two-week lows, while copper was at 16-month lows as investors worried about a possible global economic slowdown.
* Yields on the benchmark U.S. 10-year Treasury note, however, firmed on Friday, pressuring demand for gold.
* Higher interest rates and bond yields raise the opportunity cost of holding bullion, which yields no interest.
* The dollar steadied after an uptick in the previous session, making greenback-priced gold less attractive for buyers holding other currencies.
* SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.81% to 1,063.07 tonnes on Thursday from 1,071.77 tonnes a day earlier.
* Spot silver dipped 0.1% to $20.92 per ounce, and platinum rose 0.6% to $912.00, but both were set for weekly losses.
* Palladium , however, climbed 1.1% to $1,863.62, and has gained about 3% this week.
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