Gold prices edged higher on Friday but headed for a second straight week of decline, while market participants braced for the U.S. payrolls data expected to provide cues on the interest rate cut trajectory.
Spot gold rose 0.3% to $2,638.66 U.S. per ounce overnight Friday after hitting its lowest since Nov. 26 earlier in the session. Prices are down about 0.4% so far this week. Spot gold hit a record high of $2,790.15 on Oct. 31.
U.S. gold futures rose 0.5% to $2,661.00.
The U.S. payrolls report is due at 8:30 a.m. EST. Non-farm payrolls likely increased by 200,000 jobs in November after rising by 12,000 in October.
Data on Thursday showed the number of Americans filing new applications for unemployment benefits rose slightly last week, pointing to steadily easing labor market conditions heading into the final stretch of 2024.
Markets currently see a 70.1% chance of a 25-basis-point Federal Reserve rate cut this month.
Spot silver dipped 0.1% to $31.3 U,S, per ounce but is up more than 2% for the week.
Platinum rose 0.6% to $944.25 U.S. and palladium rose 1.5% to $977.25 U.S. Both metals are set for second straight weekly losses.
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