Gold Drifts Towards $1180 with Eyes on Jobs Data

Gold slid for a third straight session on Friday as equities and the dollar firmed after sharp losses, while traders awaited U.S. nonfarm payrolls data to gauge the strength of the economy and its impact on the Federal Reserve’s interest rate policy.

Spot gold eased 0.1 percent to $1,182.88 an ounce by 0046 GMT, after losing 0.6 percent in the previous session. So far this week, gold is up 0.4 percent.

The nonfarm payrolls report is closely watched as it provides a good reading of the health of the economy. That could in turn provide clues as to when the U.S. central bank would begin to hike rates from record lows.

CNBC

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