Gold is heading for its first weekly losses in a month

Gold prices stabilized during Friday’s trading, but they are heading towards recording the first weekly losses in 4 weeks amid the rise of the dollar.

Markets are awaiting the release of the monthly US jobs report later today, and estimates indicate that the economy added 184,000 jobs last month.

Economic data showed earlier this week that the labor market is gradually losing momentum, as high borrowing costs reduce demand levels in the broader economy.

ADP data revealed that the private sector added 103,000 jobs last month, a level below analysts’ expectations.

Gold prices jumped to levels of $2,135.4 per ounce on Monday amid escalating bets about the Federal Reserve’s interest rate cut, before prices fell by more than $100 as a result of uncertainty about the date of the interest rate cut.

According to the CME analysis tool, the percentage of expectations that the Fed will cut interest rates by March is 65%, and low interest rates tend to support the prices of gold, which does not generate a return.

In terms of trading, gold prices stabilized at $2044.9 per ounce.