Gold heads for first weekly drop in four weeks ahead of US jobs data

Singapore, Dec. 8 (BNA): Gold was on track for its first weekly fall in four weeks after the dollar firmed, although prices held steady on Friday as markets looked ahead to key U.S. jobs data to gauge the chance of a rate cut by the Federal Reserve as early as March.

Spot gold edged 0.1% higher to $2,030.32 per ounce by 0750 GMT. Bullion, however, has fallen nearly 2% for the week so far. U.S. gold futures were steady at $2,047.10, Reuters reported.

Bullion scaled an all-time peak of $2,135.40 on Monday on elevated bets for a rate cut by the Fed, before dropping more than $100 on uncertainty over the cut’s timing.

ZH