JOIN USGold steady as US jobs data looms, set for best week since March
Gold prices held steady on Friday ahead of a keenly watched US jobs report that could provide some clarity on labour market conditions, and were headed for their biggest weekly gain since March.
Spot gold was little changed at $1,709.63 per ounce, as of 0356 GMT.
Prices have risen about 3 per cent so far in the week, helped by a retreat in the dollar and Treasury yields from multi-year peaks. US gold futures were down 0.2 per cent at $1,718.20.
The dollar index was down 0.1 per cent and benchmark US 10-year Treasury yields steadied after rising overnight. "For gold prices, the downside is more open than the upside, simply for no other reason than that the Fed hasn't pivoted yet," said Stephen Innes, managing partner at SPI Asset Management. "If we get a strong payrolls, gold goes down. If we get a weak payrolls, gold may go up to $1,725."
The US nonfarm payrolls report is due at 1230 GMT, with economists forecasting 250,000 jobs to have been added last month, compared with 315,000 in August. Earlier this week, data showing declines in US job openings and weaker manufacturing, and a smaller-than-expected rate hike by the Australian central bank stoked hopes of a slowdown in the Fed's rate-hike pace.
However, those hopes faded as Fed officials reiterated their commitment to containing inflation, which is running way above the central bank's 2 per cent target. While gold is traditionally seen as a hedge against inflation, rapid US monetary policy tightening has reduced the non-yielding bullion's appeal while boosting the dollar. Spot silver rose 0.3 per cent to $20.70 per ounce. Prices were headed for their biggest weekly rise since July, jumping 9 per cent so far.
Platinum dipped 0.2 per cent to $920.36, but was on track for its biggest weekly gain since June 2021. Palladium fell 0.3 per cent to $2,254.20, but was up for a second straight week.