Gold set for weekly gain, traders eye US jobs data
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GOLD prices were little changed on Friday (Jan 6) as cautious investors positioned themselves for key US jobs data, but the safe-haven bullion was still bound for a third straight weekly gain.
Spot gold held its ground at US$1,833.36 per ounce, as of 0035 GMT. For the week so far, it is up about 0.5 per cent.
US gold futures inched 0.2 per cent lower at US$1,837.40.
The market’s focus shifts to the US Labour Department’s closely watched nonfarm payrolls (NFP) data due at 1330 GMT.
US private payrolls increased more than expected in December while number of Americans filing new claims for jobless benefits dropped to a three-month low last week, pointing to a still-tight labour market that could force the Fed to keep hiking interest rates.
Few Fed officials on Thursday reiterated their fight to lower inflation back to its 2 per cent target, but St Louis leader James Bullard said 2023 could finally bring some welcome relief on the inflation front.
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Bullion is seen as a hedge against inflation, but rising interest rates tend to weigh on non-yielding gold.
The European Central Bank (ECB) interest rates should reach a peak by this summer and hikes should not be “too mechanical”, French ECB policymaker Francois Villeroy de Galhau said on Thursday.
Spot silver held steady at US$23.22, while platinum lost 0.2 per cent to US$1,056.16 and palladium fell 0.4 per cent to US$1,737.59. REUTERS
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