Gold Prices Stabilize Ahead of Key US Jobs Data Release
Gold remained steady on Friday ahead of the highly anticipated US jobs data release. Despite this stability, it is poised to mark its second consecutive weekly decline due to a stronger US dollar and increased Treasury yields.
The price of spot gold was flat at $4,184.45 per ounce by 0419 GMT, but has fallen 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 investors are closely watching US interest rate expectations and geopolitical developments in the Middle East.
The September US nonfarm payrolls report is due on Friday at 1230 GMT, which will provide crucial clues for the Federal Reserve's policy path. If the data comes in stronger than expected, it may increase the chances of rate hikes from the Fed, potentially weighing further on gold prices.