Gold flat ahead of US payrolls data, set for 2nd weekly drop Gold prices were set for a second consecutive weekly fall, even as bullion traded almost flat on Friday as investors refrained from taking big positions ahead of U.S. non-farm payrolls data that could offer more cues on the Federal Reserve’s policy path. FUNDAMENTALS * Spot gold XAU= was nearly unchanged at $2,302.51 per ounce, as of 0046 GMT. Prices were down more than 1% this week. * U.S. gold futures GCcv1 were flat at $2,310.40 per ounce. * The non-farm payrolls report is due at 1230 GMT. * The U.S. central bank held interest rates steady on Wednesday and indicated it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming. * Bullion is known as an inflation hedge, but elevated interest rates reduce the appeal of holding the non-yielding asset. * Data on Thursday showed the number of Americans filing new claims for unemployment benefits held steady at a low level last week, pointing to a still fairly tight labour market that should continue to underpin the economy in the second quarter. * SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.17% to 829.60 tonnes on Thursday from 831.04 tonnes on Wednesday. * Spot silver XAG= fell 0.2% to $26.65 per ounce and was down nearly 2% for the week. * Platinum XPT= gained nearly 0.8% to $957.15 and was on track for a weekly gain. Palladium XPD= edged up 0.2% to $937.57. DATA/EVENTS (GMT) 0830 UK S&P Global PMI: Composite – Output April 0830 UK Reserve Assets Total April 0900 EU Unemployment Rate March 1230 US Non-Farm Payrolls April 1230 US Employment Rate April 1345 US S&P Global Comp, Svcs Final PMI April 1400 US ISM N-Mfg PMI April « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Cryptocurrency Market Climbs Over $2 Trillion, Led by Bitcoin READ MORE Is it a golden era for gold? READ MORE Record-Breaking Rally: Gold Prices Soar on Economic Easing and Safe-Haven Demand READ MORE Crucial Week Ahead: Key Reports to Influence Fed's Rate Policy Decisions READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment