Gold steady, set for strongest weekly performance since mid-November

Gold prices were steady on Friday in early Asian trade but were set for their strongest weekly performance since mid-November, as investors awaited U.S. jobs data for clues on the Federal Reserve’s path to interest rates this year.

Spot gold was steady at $2,670.16 an ounce by 00:44 GMT. It has gained more than 1% so far this week. U.S. gold futures were up about 0.1% at $2,694.50, according to Reuters.

Investors are closely awaiting a key jobs report due later in the day.

Gold soared to its highest level in nearly four weeks in the previous session, supported by safe-haven demand as investors assess the impact of U.S. President-elect Donald Trump’s policies on the economy and inflation.

Trump is due to return to the White House on Jan. 20, and his tariffs and protectionist policies are expected to stoke inflation. Gold is often seen as a hedge against inflation, but higher interest rates make holding non-yielding bullion less attractive. Among other precious metals, spot silver fell 0.1% to $30.12 an ounce, platinum fell 0.1% to $957.98 and palladium gained about 1% to $934.28. All three metals were on track for weekly gains.