Gold eased into a tight range on Friday as cautious investors positioned themselves for U.S. jobs data, but safe-haven bullion was still bound for a second straight weekly gain on expectations of a moderation in the pace of U.S. rate hikes.

Exchange-traded fund investors took Wednesday’s stock-market surge as an opportunity to offload $8 billion of holdings in two of the biggest equity funds.

Stock investors’ optimism around a cooling labor market and a Federal Reserve pivot is overdone, according to Bank of America Corp. strategists, who recommend selling the rally ahead of a likely surge in job losses next year.

he global economy may be headed for a new era of volatile inflation, making it even more crucial to anchor expectations for where prices are headed, central bank governors warned Friday.