Gold Set to Rise Modestly as Investors Scale Back Rate Hike Bets

Gold prices steadied on Friday but were poised for a modest weekly gain as investors scaled back bets on a September interest rate hike ahead of the US non-farm payrolls data release.

The Federal Reserve's policy path remains uncertain, with Fed Governor Christopher Waller stating that he leans towards keeping interest rates steady if upcoming inflation data shows moderating price pressures.

This shift in expectations gave gold a boost, but analysts predict it may be short-lived as fresh data takes precedence. Citi remains bullish on precious metals, targeting $4,800 per ounce for gold within the next 0-3 months and $5,000 by the end of the year.