Gold Steadies Below $1170 after U.S. Jobs Data

Gold was steady above a 3-1/2 month low on Friday, as sluggish U.S. jobs data tempered expectations for a September rate hike by the Federal Reserve and hurt the dollar.

Spot gold was steady at $1,167 an ounce by 0053 GMT. The metal fell to $1,156.85 on Thursday, its lowest since mid-March, but pared some losses after U.S. economic data.  For the week, bullion is still down 0.7 percent, its second straight weekly loss.

Data on Thursday showed nonfarm payrolls rose 223,000 last month, below expectations. Payrolls growth in April and May was also revised downwards. At least 432,000 people dropped out of the labour force.


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