Gold prices were flat on Friday, as markets south of the border looked forward to the crucial set of jobs data for more clues on the Federal Reserve’s monetary policy decision, although a firmer dollar kept bullion on track for its first weekly fall in four.
Spot gold was steady at $2,029.77 per ounce. Bullion, however, has fallen 2% for the week. U.S. gold futures were flat at $2,047.
Bullion scaled an all-time peak of $2,135.40 U.S. on Monday on elevated bets for a rate cut by the Fed, before dropping more than $100 on uncertainty over the cut’s timing.
The U.S. non-farm payrolls report for November is due at 8:30 EST. It is expected to show that employers added 180,000 jobs last month.
The dollar index, meanwhile, was up 0.2% and set to snap a three-week losing streak, making gold more expensive for other currency holders.
Markets are pricing in a 60% chance of a U.S. rate cut as soon as March, according to reports. Lower interest rates boost the appeal of holding gold.
