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Gold on Track for Best Week Since December

Gold prices steadied on Friday as investors braced for U.S. non-farm payrolls data later in the day that could give hints on when the Federal Reserve might start cutting rates, but bullion was still headed for its biggest weekly rise since December.

Spot gold was down 0.1% to $2,054.29 per ounce, and U.S. gold futures were up 0.1% to $2,071.40.

Prices have added about 2% so far this week, having hit their highest since Jan. 3 in the last session as investors remained hopeful that the Fed would cut rates fairly soon.

Fed Chair Jerome Powell this week dismissed the idea of lowering interest rates in the spring, but voiced confidence that inflation would return to the 2% target.

According to the CME Fed Watch Tool, traders now expect about a 93% chance of a rate cut in May. Lower interest rates boost non-yielding bullion’s appeal.

Investor focus is on U.S. non-farm payrolls data due at 8:30 a.m. EST, which are expected to show that job growth likely slowed marginally in January.