Gold steadies on dollar dip ahead of U.S. jobs data

Gold steadies on dollar dip ahead of U.S. jobs data

Gold edged higher on Friday on a weaker dollar but was headed for its biggest weekly fall in six as investors braced for U.S. jobs numbers that could cement bets for earlier U.S. interest rate hikes. Spot gold rose 0.2% to $1,792.32 per ounce by 1224 GMT, and was on course for a weekly drop of about 2%, the biggest since the week of Nov. 26. U.S. gold futures rose 0.1% to $1,791.70. The dollar retreated slightly, making gold a more attractive bet for buyers in other currencies, but was still on course to gain over the week before the release of U.S. labour data due at 1330 GMT. But benchmark U.S. 10-year Treasury yields steadied near their strongest level since March 2021, curbing appetite for gold, which pays no interest. Michael Hewson, chief market analyst at CMC Markets UK, said gold has been stuck in a $1,730-$1,830 per ounce range for the last six months, adding it "has been very much a hostage to what U.S. yields have been doing, and it's likely to continue to be so." "So, if we get a decent jobs report today, that could exert downward pressure on gold prices towards $1,770." The Labor