By Ashitha Shivaprasad
(Reuters) – Gold prices were little changed on Friday as investors maintained caution ahead of a key U.S. jobs report that could influence the Federal Reserve’s rate path.
Spot gold was nearly steady at $2,659.13 per ounce by 1019 GMT, after scaling a record high of $2,685.42 last week.
U.S. gold futures were flat at $2,679.10.
“Gold has had a very good run in recent weeks, so (it is) not that surprising it isn’t pushing significantly higher… U.S. Treasury yields have risen and the dollar has appreciated, presenting some headwinds despite the geopolitical tailwind,” Nitesh Shah, commodity strategist at WisdomTree, said.
The dollar index was headed for a weekly gain, making bullion more expensive for other currency holders. [USD/]
U.S. President Joe Biden said he will not negotiate in public when asked if he had urged Israel not to attack Iran’s oil facilities. Israel began a ground incursion in Lebanon this week, saying it aims to defeat Hezbollah.
Bullion tends to thrive during periods of lower interest rates and turmoil.
The main focus of the day will be the U.S. non-farm payrolls report at 1230 GMT, which traders will scan to bet on the Federal Reserve’s next policy move.
Weak payrolls data could drive up expectations for more aggressive cuts and get gold back to near $2,683 but if there is an indication in the report that payroll weakness has come from damage from the hurricane, it may dull the impact of the data on gold prices, Shah said.
Meanwhile, gold demand in India improved slightly this week due to an upcoming festival but remained lower than usual because of high prices. [GOL/AS]
Spot silver rose 0.1% to $32.08 and was headed for a weekly gain. Platinum climbed 1% to $1,000.60, palladium advanced 0.4% to $1,004.09.
(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Mrigank Dhaniwala)
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