Gold steady amid US jobs data by Reuters

Gold stabilizes ahead of US jobs data

(Reuters) – Gold settled on Friday ahead of the release of non-farm payrolls data in the United States, as some analysts expect strong data to boost bets on scaling back economic stimulus and push the yellow metal further down.

And it rose 0.1 percent to 1757.30 an ounce by 0657 GMT, while US gold futures were little changed to $ 1758.20 an ounce.

“The fate of gold will be determined by tonight’s non-farm payrolls data,” said Jeffrey Haley, senior market analyst for Asia Pacific at Oanda, adding that some investors in Asia were buying gold to hedge against a surprise report result.

Gold has also largely ignored the strength of the dollar, which usually tends to weaken the precious metal’s appeal among investors holding other currencies, and boost 10-year yields.

A Reuters survey forecast non-farm payrolls would likely rise by 500,000 jobs in September.

As for other precious metals, it fell in spot trading by 0.4 percent to $22.48 an ounce, and platinum rose 0.6 percent to $984.89, up 1.5 percent during the week.

And it rose 0.4 percent to $ 1967.42, heading for its first weekly gain in five weeks, up more than 3 percent.

(Prepared by Suha Jado for the Arab Newsletter – Editing by Ahmed Sobhi)

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