Gold Holds Steady Ahead of Key Jobs Report

Gold prices held steady near $4,477 an ounce on Friday as investors awaited US jobs data that could influence expectations for the Federal Reserve's September meeting.

The metal had jumped about 2% on Thursday after Fed Governor Christopher Waller signaled he could support keeping rates unchanged if incoming inflation data continued to show progress. However, the market remains sensitive to small shifts in rate expectations, with Fed funds futures implying roughly a 50% chance of a September rate increase.

Economists expect nonfarm payrolls to rise by around 56,000 in August, while unemployment is forecast to remain at 4.1%. A weaker-than-expected payrolls report could support gold by reducing the likelihood of another rate increase.