Gold pauses ahead of US jobs report

Gold prices held steady on Friday, as investors avoid building new positions in anticipation for the US monthly jobs report, amid estimates for the US economy to lose jobs at the worst pace since the 2009 global financial crisis due to the coronavirus impact. 

Gold held at $1,590.55 an ounce as of 09:45 GMT, after rising 1.5% yesterday, posting its second straight daily gain after disappointing weekly jobless claims data in the US. 

The US department of labor revealed that the unemployment claims rose by 3.3 million to 6.648 million in the week ending March 28, the all-time record due to the rapid spread of the Covid-19 deadly disease..

Investors are anticipating the release of key US data later today, as the payrolls report is expected to show the economy has lost 100,000 jobs in March, while average earnings are expected up 0.2%, and the unemployment rate is expected up to 3.8% from five-decade lows at 3.5%. 

Gold stocks at the SPDR ETF rose by 3.22 metric tonnes yesterday, with the total at the highest level since August 9, 2016 of 971.97 mt.