Gold steadied near a 5-1/2-year low on Friday and was on track to show a loss for the seventh week in a row, its longest such slump since 1999, ahead of U.S. data that may determine how soon the Federal Reserve raises interest rates.
A strong jobs number would fan speculation the Fed will raise rates next month, which is likely to pull non-interest-bearing gold to fresh lows.
"If we get a strong jobs number tonight, I suspect that the market will shift expectations further in favour of September rather than December," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
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A strong jobs number would fan speculation the Fed will raise rates next month, which is likely to pull non-interest-bearing gold to fresh lows.
"If we get a strong jobs number tonight, I suspect that the market will shift expectations further in favour of September rather than December," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
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