Gold rose slightly as investors awaited the US jobs report

Gold prices settled in a narrow range on Friday, as cautious investors assessed the statements of global central banks and awaited the US Nonfarm Payrolls report.

After losing nearly two percent in the previous session, spot gold rose 0.2 percent to $1915.42 an ounce by 0930 GMT. US gold futures fell 0.1 percent to $1,929.70.

The dollar lost 0.1 percent against a basket of currencies, making gold a more attractive bet, but it remained down 0.6 percent for the week and is on track for its biggest weekly loss since mid-November.

And after the US Federal Reserve raised interest rates by 25 basis points, after a year of sharp increases, both the European Central Bank and the Bank of England raised interest rates by 50 basis points on Thursday as expected.

Gold prices tend to increase with expectations of lower interest rates because it reduces the opportunity cost for holders of the yellow metal, which does not yield a return.

Investors are now awaiting the US Nonfarm Payrolls report for January. According to a Reuters survey of economists’ opinions, the report is expected to reveal 185,000 additional jobs that were available last month, after an increase of 223,000 jobs in December.

As for other precious metals, spot silver rose 0.2 percent to $23.52 an ounce, platinum rose 0.5 percent to $1,026.66, and palladium jumped 2.3 percent to $1,692.11.