Gold prices held on Thursday, in limited trading near the 4-week low hit yesterday, as investors shy away from building new positions ahead of US jobs data later today.

Gold prices held at $1,769.25 as of 08:45 GMT, after opening at $1,768.36, and hit a day high at $1,776.52 and a low at $1,767.54.

Gold closed lower by 0.8% yesterday, and hit a 4-week low at $1,761.78 an ounce, as the US dollar rose.

Gold prices remain on track for the third straight weekly loss, due to growing chances of the US Fed accelerating the tightening of the US monetary policy.

Fed Chairman Jerome Powell said before the House Financial Services Committee on Wednesday that the central bank needs to be prepared to the possibility that inflation remains in the second half of 2022.

Powell recently asserted they're preparing for a measure to cut bonds purchases in the December meeting. 

Now investors await crucial US jobs report, expected to show an addition of 553 thousand in November, with unemployment down to 4.5%, and average income up 0.4%.

Gold stocks at the SPDR ETF fell 4.65 metric tonnes yesterday, with the total at the lowest level since last November 19 of 986.17 metric tonnes.

Euro fell in European trade against dollar for third straight session as concerns over Omicron fade, while focus shifts on the Fed's bullish stance in monetary policy, ahead of US jobs data later today.

EUR/USD fell 0.2% to 1.1281, after closing down 0.2% yesterday, the second loss in a row away from two-week highs at 1.1383.

The dollar index rose 0.2% on Friday, the third profit in a row as risk appetite improves in the market and worries about Omicron fades.

South African scientists said the Omicron was first discovered last month, and that current vaccines should protect from extreme illness and death.

Otherwise, Fed San Francisco Governor Mary Dally said it's time to start planning for a rate hike to combat inflation.

Fed Chair Jerome Powell recently asserted they're preparing for a measure to cut bonds purchases in the December meeting. 

Now markets are fully ricing in a rate hike by 25 basis points in June 2022.

Now investors await crucial US jobs report, expected to show an addition of 553 thousand in November, with unemployment down to 4.5%, and average income up 0.4%.

Gold prices fell on Thursday, as the dollar rose against most of its peers, and stocks markets rebounded, after the release of upbeat economic data.

The US Department of Labor revealed that the number of initial unemployment claims fell to 222K last week from 194K in the previous reading, bearing than forecasts of 238K.

The markets continue to focus on Omicron developments after the US health authorities reported today the first case of the Omicron variant in California yesterday

India today also reported its first case, Netherlands and Norway reported dozens of Omicron cases, while the UK reported 7 cases.

The dollar index rose against a basket of major currencies by less than 0.1% to 96.07 points as of 18:31 GMT, after hitting a high of 96.1 points and a low of 95.8 points.

Gold spot prices fell 1.1% to $1,763.8 an ounce as of 18:31 GMT.

The dollar rose against most of its peers on Thursday, after the release of upbeat economic data, amid focus on Omicron variant.

The US House of Representatives voted to raise the debt ceiling to prevent any government shutdown.

The US Department of Labor revealed that the number of initial unemployment claims fell to 222K last week from 194K in the previous reading, bearing than forecasts of 238K.

The markets continue to focus on Omicron developments after the US health authorities reported today the first case of the Omicron variant in California yesterday

India today also reported its first case, Netherlands and Norway reported dozens of Omicron cases, while the UK reported 7 cases.

The dollar index rose against a basket of major currencies by less than 0.1% to 96.07 points as of 17:33 GMT, after hitting a high of 96.1 points and a low of 95.8 points.