Gold prices edged lower on Friday as the dollar gained before the release of employment information stateside, which could offer guidance on the U.S. Federal Reserve’s upcoming interest rate decisions.
Spot gold was down 0.1% at $1,414.15 U.S. per ounce. U.S. gold futures slipped 0.3% to $1,416.70 an ounce.
The dollar index against a basket of six major currencies gained 0.2%, making gold expensive for holders of other currencies.
Despite a slight decline on Friday, the metal has risen 0.3% so far this week, which could be its seventh straight week of gains.
Investors are now waiting for the U.S. labour market non-farm payrolls data due mid-morning Friday, which are expected to have jumped by 160,000 in June compared with 75,000 in May.
Gold prices climbed to a six-year high of $1,438.63 U.S. an ounce last week, driven by expectations of rate cuts by major central banks and fears of a slowdown in the global economy.
Lower interest rates tend to support the buying of non-interest-paying bullion, which is often seen as an alternative investment during times of political and financial uncertainty.
Among other precious metals, silver fell 0.4% to $15.21 U.S. per ounce, while platinum edged 0.2% lower to $830.72.
Palladium rose 0.1% to $1,563.07 U.S. an ounce and was heading for a fifth straight weekly gain.
