PRECIOUS-Gold little changed with US jobs report on radar

BY Reuters | ECONOMIC | 10/04/24 04:55 AM EDT

*

Silver set for weekly gain

*

Platinum, palladium gains 1%

*

U.S. NFP due at 1230 GMT

*

Festivities spark slight demand in India

(Rewrites, updates prices)

By Ashitha Shivaprasad

Oct 4 (Reuters) - Gold prices were little changed on Friday as investors maintained caution ahead of a key U.S. jobs report that could influence the Federal Reserve's rate path.

Spot gold was nearly steady at $2,659.38 per ounce by 0834 GMT, after scaling a record high of $2,685.42 last week.

U.S. gold futures were flat at $2,679.40.

"Gold has had a very good run in recent weeks, so (it is) not that surprising it isn't pushing significantly higher... U.S. Treasury yields have risen and the dollar has appreciated, presenting some headwinds despite the geopolitical tailwind," Nitesh Shah, commodity strategist at WisdomTree, said.

The dollar index was headed for a weekly gain, making bullion more expensive for other currency holders.

U.S. President Joe Biden said he will not negotiate in public when asked if he had urged Israel not to attack Iran's oil facilities. Israel began a ground incursion in Lebanon this week, saying it aims to defeat Hezbollah.

Bullion tends to thrive during periods of lower interest rates and turmoil.

The main focus of the day will be the U.S. non-farm payrolls report at 1230 GMT, which traders will scan to bet on the Federal Reserve's next policy move.

Weak payrolls data could drive up expectations for more aggressive cuts and get gold back to near $2,683 but if there is an indication in the report that payroll weakness has come from damage from the hurricane, it may dull the impact of the data on gold prices, Shah said.

Meanwhile, gold demand in India improved slightly this week due to an upcoming festival but remained lower than usual because of high prices.

Spot silver lost 0.2% to $31.99 but was headed for a weekly gain. Platinum climbed 1% to $1,000.77, palladium advanced 1% to $1,009.75. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Mrigank Dhaniwala)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article