BENGALURU- Gold prices eased on Friday but posted a weekly gain due to safe-haven inflows and a US jobs report revealing lower-than-expected job growth in February, suggesting that the Federal Reserve is on track to cut interest rates this year.
Spot gold fell 0.1 percent to $2,906.04 an ounce. Bullion has gained about 1.7 percent so far this week, as US President Donald Trump’s ever-shifting tariff policies fanned uncertainty.
US gold futures settled 0.4 percent lower at $2,914.10.
The US dollar index tumbled to a four-month low and is heading for its steepest weekly decline since November 2022, making greenback-priced bullion less expensive for foreign buyers.
“Weaker than expected number is giving gold a slight boost … also a weaker dollar for the week right now is helping,” said Bob Haberkorn, senior market strategist at RJO Futures.
A Labor Department report showed the US economy added 151,000 jobs in February, compared with a rise of 160,000 expected by economists polled by Reuters, whereas the unemployment rate stood at 4.1 percent compared with expectations of 4 percent.
The market is currently in a consolidation phase, with safe haven interest providing ongoing support, said Peter Grant, vice president and senior metals strategist at Zaner Metals.
