Gold prices were flat on Friday but set for their best week in three ahead of the U.S. jobs report, helped by the dollar’s retreat on expectations that the U.S. Federal Reserve will slow the pace of interest rate hikes.
Spot gold was little changed at $1,800.78 U.S. per ounce early Friday morning, after hitting its highest level since Aug. 10 earlier in the session. U.S. gold futures were steady at $1,814.60.
Bullion jumped about 2% on Thursday, setting it on track for its second straight weekly gain.
The dollar index was headed for a weekly loss of over 1%. A weaker greenback makes dollar-priced gold less expensive for overseas buyers.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.16% on Thursday.
Spot silver slipped 0.5% to $22.26 U.S., platinum fell 0.2% to $1,039.75 U.S. and palladium lost 0.7% to $1,927.21 U.S..
