Gold Prices Steady Ahead of US Payrolls Data

Gold prices held steady on Friday, poised for a small weekly gain as investors await highly anticipated US payrolls data. The metal is expected to provide clues about the Federal Reserve's next interest rate decision.

The price of spot gold remained at $4,477.10 per ounce as of 0211 GMT, while US gold futures for December delivery fell 0.4% to $4,522.60.

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

Ross Maxwell, global strategy operations lead at VT Markets, noted that weak figures and rising unemployment could weaken the case for a rate hike, potentially causing gold prices to recover. However, inflation data releases next week may continue to impact sentiment.