By Gina Lee

Investing.com – Gold was up on Friday morning in Asia. But, yellow metal suffered a third weekly decline. This was due to signs that U.S. Federal Reserve would accelerate the pace of asset taping and increase interest rates faster than usual in order to limit inflationary pressures.

After falling to their lowest point in almost a month, they were trading up 0.6% at $1774.30 (23:48 GMT) by 10:48PM ET. This week, gold has fallen 1.3%.

U.S. Federal Reserve keeps reiterating its promise to accelerate asset tapering. Atlanta Fed President told the Reuters Next conference on Thursday that it would be appropriate to end the Fed’s bond-buying program by the end of March 2022.

The Fed would have the ability to increase interest rates to address inflation.

Janet Yellen, U.S. Treasury Secretary, stated at the conference that it was their job to make sure that this current wave of high inflation doesn’t turn into a long-lasting and damaging “wage-price spiral”.

U.S. data on Thursday revealed that 222,000 applications were received during the week. This morning’s U.S. Jobs Report, which includes, will be released.

In Asia Pacific, China’s , released earlier in the day, was 52.1 in November. Investors also digested the news that Didi Global Inc. (NYSE:) will delist from the New York Stock Exchange and list on the Hong Kong Stock Exchange.

SPDR Gold Trust P: reported that the Trust’s holdings dropped 0.5% on Thursday to 986.17 Tons, down from Wednesday. Silver and palladium rose 0.1% in other precious metals while platinum fell 0.3%.