Gold prices looked set to post their worst week in six on Friday as investors braced for a closely watched U.S. jobs report after a string of solid economic data this week drove Treasury yields to nine-month highs.
Spot gold was little changed at $1,935.07 per ounce, while U.S. gold futures rose 0.1% to $1,970.30.
Gold prices have declined more than 1% so far this week, having slipped to their lowest level since July 11 in the last session.
U.S. long-term Treasury yields climbed to their highest since November on Thursday after employment and other economic data pointed to easing inflation.
Non-farm payrolls, due at 8:30 EDT will be the next focus for further clues about the U.S. economy’s strength.
The Bank of England on Thursday warned that borrowing costs were likely to stay high for some time, while a European Central Bank board member made the case for keeping the ECB’s interest rates at their current high level for longer.
Rising bond yields dampen the appeal of gold, which pays no interest.
Spot silver fell 0.2% to $23.51 U.S. per ounce and platinum was flat at $914.17 U.S. . Both metals were set for third consecutive weekly loss.
