Gold Set for Largest Weekly Gain Since March as Jobs Data Loom
- US data continues to paint a mixed picture of the economy
- Nonfarm payroll figures could bring more volatility to bullion
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Gold headed for the largest weekly gain since March, ahead of key US jobs data that will shape expectations about how much more tightening is yet to come from the Federal Reserve.
The precious metal surged past the $1,700 mark earlier this week, after disappointing US data on manufacturing and job openings fueled expectations that the Fed may slow its aggressive rate hikes. Highly anticipated nonfarm payrolls data later Friday is forecast to show employment growth slowing, with a softer than expected print likely to benefit gold.