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Gold prices were poised for their biggest weekly gain in nine weeks on Friday as the dollar and Treasury yields retreated, while traders awaited key U.S. jobs data due later in the day for clues on when the Federal Reserve could start rate cuts.
Spot gold was steady at $2,055.59 per ounce by 0803 GMT. Bullion has climbed nearly 2% so far this week, set for its best weekly gain since early December.
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U.S. gold futures edged 0.1% higher to $2,072.70.
”Fed is unlikely to cut rates in March, but market participants are sure that its going to start cutting rates after that … the remarks were bullish for gold,” Brian Lan at Singapore-based dealer GoldSilver…
