Gold prices flat

Gold prices were flat on Friday, as markets looked forward to the crucial US jobs data for more clues on the Federal Reserve's monetary policy decision, although a firmer dollar kept bullion on track for its first weekly fall in four weeks, reports Reuters.

Spot gold was up 0.1 per cent at $2,029.49 per ounce by 1203 GMT. Bullion, however, has fallen nearly 1.9 per cent for the week so far. US gold futures were flat at $2,046.00.

Bullion scaled an all-time peak of $2,135.40 on Monday on elevated bets for a rate cut by the Fed, before dropping more than $100 on uncertainty over the cut's timing. "Traders are expecting to get a clear idea on how the Fed is going to change their policy decisions in the coming meeting - so today's jobs data would be the primary key," said Hareesh V, head of commodity research at Geojit Financial Services.

"Major crash in gold is not the immediate trend because most of the parameters are favouring prices and the Fed policy would be the key trigger that can guide medium to long term direction of gold prices"

The dollar index, meanwhile, was up 0.2 per cent and set to snap a three-week losing streak, making gold more expensive for other currency holders.

Spot silver was steady at $23.77 per ounce, while platinum gained 1.5 per cent to $920.92. Both were set for weekly declines.

"Palladium's long-term bear market looks set to continue, with prices likely to halve again over the next 2-3 years," Citi Research said in a note.

Palladium rose 0.1 per cent to $970.31, but was set to log a second weekly loss.