Gold steadies before US payrolls data, set for second weekly loss
GLD•Spot gold was little changed at $4,188.28 an ounce on Friday but was down more than 2% for the week, ahead of US payrolls data due at 1230 GMT.
1. Gold awaits payrolls data
Gold steadied on Friday but remained on track for a second straight weekly decline, pressured by a firmer US dollar and elevated Treasury yields. US gold futures rose 0.4% to $4,218.60 an ounce.
2. Rates shape market focus
Investors were watching US interest-rate expectations and developments in the Middle East. Analyst Kyle Rodda said a hotter-than-expected payrolls report could increase the chance of Fed rate hikes and potentially weigh further on gold. Traders were pricing in about a 26% chance of a rate hike this month, down from about 70% earlier in the week, and an 80% chance of a December increase.
