Gold Prices Flat Amid Dollar Strength, Ahead of Crucial US Jobs Data
Gold prices remained steady on Friday but were still poised for their second weekly decline. The US dollar and Treasury yields have put pressure on bullion, as investors await key US payrolls data to gauge the Federal Reserve's policy path.
The spot gold price was little changed at $4,184.45 per ounce by 0419 GMT, down more than 2% for the week so far. US gold futures rose 0.3% to $4,214.70.
Kyle Rodda, senior financial market analyst at Capital.com, noted that 'market participants are watching US interest rate expectations and geopolitical developments in the Middle East.'
The September US nonfarm payrolls report is due at 1230 GMT, with traders expecting a hot figure that could increase the chances of rate hikes from the Fed. This would potentially weigh even further on gold prices.