Gold Foresees Weekly Gain on U.S. Jobs Report

#goldpricetoday edged higher and were on track for a third straight weekly gain, with #investors keenly awaiting key U.S. jobs report to gauge the #FederalReserve’s rate-hike stance.

Spot gold was up 0.1% at $1,835 U.S. per ounce. Prices gained about 0.6% so far this week. U.S. gold futures were flat at $1,839.70.

The market’s focus shifts to the U.S. Labor Department’s closely watched nonfarm payrolls (NFP) data due at 8:30 a.m. EST.

Few Fed officials on Thursday reiterated their fight to lower inflation back to its 2% target, but St. Louis leader James Bullard said 2023 could finally bring some relief on the inflation front.

Higher rates dim bullion’s anti-inflationary appeal and raise the opportunity cost of holding the non-yielding asset.

Data on Thursday showed that U.S. private payrolls increased more than expected in December while number of Americans filing new claims for jobless benefits dropped to a three-month low last week, pointing to a still-tight labour market that could force the Fed to keep hiking interest rates.

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