Gold futures were seen trading little changed on Friday as the US dollar strengthened as traders awaits the US jobs report, which could back the case for the Federal Reserve to hike interest rates sooner than expected. Report for the Eurozone gross domestic product (GDP) figures are expected to also be released after the European Central Bank unexpectedly cut its borrowing costs to a new record low of 0.05% amid the weak economy and deflation worries.
Gold for immediate delivery fell 0.17% to $1,264.10 at the time of writing on the Comex in New York, while silver for immediate delivery gained 0.2% to $19.093 an ounce, after falling to $19.006, the lowest since June 10.
Holding in the largest gold-backed exchange-traded fund, SPDR Gold Trust slid to 785.51 tons on Thursday.
The greenback strengthened to a 13-month high against 10 major peers as the market awaits US jobs report from the US, which is expected to show over 200,000 jobs added in August for a seventh consecutive month. The Dollar Spot Index rose 0.04% higher to 83.8550.
Ukraine
As the NATO summit continues in Wales, the Ukrainian President Petro Poroshenko said he is prepared to declare a ceasefire to end the deadly conflict, if peace talks with pro-Russian rebels in Minsk go well.
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Representatives of Ukraine and pro-Russian rebels are expected to meet to hold peace talks at 11:00 am GMT on Friday, if the peace plan is finalized. On Wednesday, Russia’ President Vladimir Putin issued a seven-point plan to end the deadly conflict in the southern region of Ukraine. The plan includes separatists will stop the offensive operations from both the Ukrainian troops and pro-Russian separatists.
Meanwhile, European Union leaders will be holding talks in Brussels and will consider imposing new sanctions on Russia.
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