Gold stabilizes with anticipation of US jobs data, but is heading for weekly gains

Gold prices appear to be heading on Friday, September 1, to achieve gains for the second week in a row, supported by declining chances of raising US interest rates this year after a week full of data, at the end of which an important jobs report is issued.

Gold settled in spot transactions at $1,938.92 per ounce, but was heading for a weekly gain of more than one percent after prices touched their highest levels in a month on Wednesday. US gold futures hovered around $1,965.60.

The non-farm payrolls report in the United States is scheduled to be released today at 12:30 GMT, which comes after data during the week showed that job openings reached the lowest level in two and a half years in July and that the economy grew at a slightly slower pace than expected in Second Quarter.

US bond yields are heading to end the week lower by about 3%, while the dollar is heading to end a six-week series of gains, as the monthly inflation slowdown has strengthened expectations that the US Federal Reserve will keep interest rates unchanged this month.

As for other precious metals, silver settled in spot transactions at $24.4284 per ounce, and platinum fell 0.2% to $965.98. However, both metals are heading for gains
weekly.

Palladium rose 0.7% to $1,222.90.