Gold flat ahead of US payrolls data, set for second weekly drop

Friday,   03-May-2024   08:11 AM (IST)

Gold prices were set for a second consecutive weekly fall, even as bullion traded almost flat on Friday as investors refrained from taking big positions ahead of US non-farm payrolls data that could offer more cues on the Federal Reserve’s policy path. Spot gold was nearly unchanged at US$2,302.51 per ounce, as of 0046 GMT. Prices were down more than 1 per cent this week. US gold futures were flat at US$2,310.40 per ounce. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.17 per cent to 829.60 tonnes on Thursday from 831.04 tonnes on Wednesday. Spot silver fell 0.2 per cent to US$26.65 per ounce and was down nearly 2 per cent for the week. Platinum gained nearly 0.8 per cent to US$957.15 and was on track for a weekly gain. Palladium edged up 0.2 per cent to US$937.57.