Gold holds ground with US payrolls data on radar

Business Recorder reported that spot gold steadied on Friday at $4,477.10 per ounce, putting the metal on track for a modest weekly gain. Traders are looking to the US nonfarm payrolls report, due at 1230 GMT, for hints on the central bank's next rate step.

Prices had climbed 2% on Thursday after Fed Governor Christopher Waller said he would back keeping rates unchanged should inflation pressures continue to ease. The move reflected traders scaling back bets on a September rate hike, and CME FedWatch data showed about a 50% chance of a hike later this month. US gold futures for December delivery slipped 0.4% to $4,522.60.

Ross Maxwell of VT Markets said weak payrolls and rising unemployment could strengthen the case for gold, while the metal stays sensitive to sentiment ahead of next week's inflation releases. Silver eased 0.3% to $66.78 an ounce, though it remains on course for a weekly advance. Platinum slipped 0.8% to $1,811.28 and palladium gave up 0.4% to $1,415.75, both on course for small losses on the week.