GOLD prices held steady on Friday (Dec 6) but were headed for a second straight week of decline, while focus shifted to the US payrolls data due later in the day.
Spot gold was unchanged at US$2,631.60 per ounce, as at 0022 GMT, dropping about 0.8 per cent so far this week.
US gold futures were up 0.3 per cent to US$2,654.70.
Traders will scan the US payrolls report, due at 1330 GMT, for cues on US rate cut trajectory.
Non-farm payrolls likely increased by 200,000 jobs in November after rising by 12,000 in October, the lowest number since December 2020, a Reuters survey showed.
Data on Thursday showed the number of Americans filing new applications for unemployment benefits rose slightly last week, pointing to steadily easing labour market conditions heading into the final.
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According to the CME Group’s FedWatch Tool, markets currently see a 70.1 per cent chance of a 25-basis-points Federal Reserve rate cut this month.
Fed chair Jerome Powell on Wednesday said the US economy was stronger than it had appeared in September, when the central bank began cutting rates, allowing policymakers to potentially be a little more cautious in reducing rates further.
Higher rates dull non-yielding bullion’s appeal.
Spot silver was flat at US$31.31 per ounce, platinum dropped 0.3 per cent to US$935.99 and palladium rose 0.3 per cent to US$965.85. Silver is up for this week, while both platinum and palladium are headed for their second straight week of losses. REUTERS
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