Gold eases ahead of US jobs data as dollar ticks higher

[BENGALURU] Gold prices eased on Friday (Apr 1), widening their weekly losses as a stronger dollar outweighed safe-haven demand fuelled by a lack of progress in Russia-Ukraine peace talks, while investors awaited March US jobs data for policy tightening clues.

Spot gold was down 0.2 per cent at US$1,934.10 per ounce, as of 1.16 am GMT. US gold futures fell 0.7 per cent to US$1,940.20.

The metal has lost about 1.1 per cent this week.

Russian President Vladimir Putin threatened on Thursday to halt contracts supplying Europe with a third of its gas unless they are paid in rouble, his strongest economic riposte so far to crushing Western sanctions over his invasion of Ukraine.

The dollar index moved higher from a near 1-month low, making gold more expensive for other currency holders.

Investors were looking forward to the March US jobs data, due later in the day, for wage inflation and cues on the monetary policy stance of the Federal Reserve going forward.

Russia's gold and foreign currency reserves fell to US$604.4 billion, as of Mar 25, their lowest since August 2021, from US$643.2 billion seen before the start of what Russia's invasion of Ukraine, central bank data showed.

Spot silver edged 0.2 per cent higher to US$24.73 per ounce.

Platinum was up 0.1 per cent at US$984.68, while palladium rose 0.9 per cent to US$2,282.94. Both metals were on course for a fourth consecutive weekly loss. REUTERS