Gold Trades Steady Near Record With Focus Turning to Jobs Data

Gold was little changed — trading near record levels — with doubts about the valuations of technology stocks and the outlook for US borrowing costs at the forefront of investors’ minds.

Bullion climbed as much as 1.2% before trading steady during US hours. On Friday, gold and silver suffered sudden pullbacks from the day’s highs in a broad risk-off move as Wall Street traders took profits on the year’s biggest artificial intelligence winners. Gold is sometimes seen as a way to hedge against downside in equities, although the metal’s short-term correlation to stocks has risen in recent months.