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Gold Prices Steady Ahead of U.S. Payrolls

Gold prices were little changed on Friday as investors awaited key U.S. jobs data due later in the day, while the U.S. dollar held steady after declining from 2018 highs hit earlier this week.

Spot gold was nearly unchanged at $1,311.61 U.S. per ounce early Friday morning, and on track for a third consecutive weekly decline.

U.S. gold futures for June delivery were flat at $1,312.50 U.S. per ounce.

The dollar index was little changed at 92.449,while Asian shares were steady on Friday.

The focus for markets will be on the U.S. jobs data, with the April report likely to underscore labour market strength.

According to a survey of economists, non-farm payrolls south of the border likely increased by 192,000 jobs in April after rising 103,000 in March.

U.S. President Donald Trump on Thursday praised his relationship with Chinese President Xi Jinping as officials from the world's two largest economies began trade talks in Beijing, while state media said China would stand up to U.S. bullying.

Gold demand posted its weakest start to the year in a decade, the World Gold Council said on Thursday, as prices of the metal stagnated and the threat of rising interest rates led investors to seek better returns elsewhere.

South African gold producers agreed a five-billion-rand ($400-million U.S.) class action settlement on Thursday with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis.

Mine operator Sibanye-Stillwater said five of 13 miners trapped underground in a South African gold mine were rescued but one of the five had died.