Gold Holds Steady Ahead of US Payrolls Data Release

Gold prices remained steady on Friday ahead of the US payrolls data release. The metal is poised for a modest weekly gain, as traders await clues on the Federal Reserve's next interest rate decision.

The spot gold price held its ground at $4,469.26 per ounce, while U.S. gold futures for December delivery fell 0.5% to $4,515.70.

Traders are pricing in an about 50% chance of a Fed rate hike later this month, according to the CME FedWatch Tool.

Ross Maxwell, global strategy operations lead at VT Markets, said 'Weak figures and a rise in unemployment could weaken the case for a rate hike. In this case, gold could recover.'

However, the market may remain exposed to changing sentiment due to upcoming inflation data releases next week.