Gold Prices Steady Ahead of US Jobs Data Amid Rate Expectations Shift

Gold prices hovered near $4,188 per ounce on Friday as investors braced for the release of the US nonfarm payrolls report. The metal is poised to suffer its second consecutive weekly decline, down more than 2% for the week.

A stronger dollar and rising Treasury yields have put pressure on gold prices, which are now at their lowest since September's sharp drop. Rate expectations have shifted dramatically in recent days, with traders now pricing in only a 26% chance of a Fed hike this month, down from around 70% earlier in the week.

Analysts say the payrolls data will be critical for rate outlook, and a hot reading could weigh further on gold prices. Silver, platinum, and palladium were all up on the day but still poised for weekly losses.