Gold was up almost 1% to above $1,750 an ounce on Friday, after falling more than 1% in the previous session, and is on track to end little changed on the week. Investors’ risk appetite retreated after Evergrande missed a payment to its offshore bondholders and gave no details. Investors await further development and hope the big default could be contained. Meanwhile, traders continue to digest the latest FOMC statement. The Federal Reserve lowered its growth projections for 2021 and raised inflation forecast but reinforced tapering could soon begin. The central bank also signaled interest rate hikes could follow earlier than expected but left the door open to more stimulus if the economy needs it.
