Gold rises as US jobs data looms

WASHINGTON (dpa-AFX) – Gold prices were flat or up slightly on Friday, bond yields fell and the dollar fell ahead of the release of the U.S. nonfarm payrolls report later in the day.

Spot gold rose 0.1 percent to $2,519.18 an ounce, while U.S. gold futures rose 0.2 percent to $2,548.05.

The dollar hovered near one-week lows against major currencies as traders eagerly await the monthly jobs report, which includes both public and private sector jobs, for additional clues on the outlook for interest rates and the economy.

Economists currently expect employment to increase by 160,000 jobs in August, after an increase of 114,000 jobs in July.

The unemployment rate is expected to fall to 4.2 percent after rising from 4.3 percent in July, reaching its highest level since October 2021.

The U.S. jobs report, combined with comments from influential Federal Reserve Governor Christopher Waller and New York Fed President John Williams, could provide more insight into the potential size of an expected rate cut this month.

US private sector employment figures were released on Thursday, showing growth at its slowest since 2021, raising fears of a slowing labour market.

However, weekly jobless claims fell and activity in the key service sector rose for a second straight month, providing traders with some relief from economic worries.

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