Gold Poised for Modest Gain Ahead of US Payrolls Data

Gold prices are poised for a modest weekly gain as investors await key US payrolls data for clues on the Federal Reserve's next interest rate decision.

The US nonfarm payrolls report is due at 1230 GMT, and traders' attention has turned to it after Fed Governor Christopher Waller said he would support leaving rates unchanged if data continued to show inflation pressures moderating.

US gold futures for December delivery fell 0.5% to $4,515.70, while spot gold held its ground at $4,469.26 per ounce, as of 0633 GMT.

Ross Maxwell, global strategy operations lead at VT Markets, said that weak figures and a rise in unemployment could weaken the case for a rate hike, which would benefit gold.