Gold Holds Ground Ahead of Key Payroll Report

Gold prices remained steady on Friday, waiting for the release of the September payroll report that could influence the Federal Reserve's decision on interest rates. The spot price of bullion hovered around $4,470 an ounce and was poised to eke out a modest weekly gain.

The metal had risen over 2% on Thursday after Fed Governor Christopher Waller expressed his willingness to support keeping rates steady if inflationary pressures continue to ease.

With lower borrowing costs being a tailwind for non-yielding assets like gold, traders were cautiously optimistic about the metal's prospects. The payroll report is expected to provide key insights into the US labor market and could potentially sway the Fed's decision on interest rates in September.