Gold slips below $1,200 as dollar firms ahead of US payrolls

Gold held its grip on $1,200 an ounce in holiday-thinned trading on Friday ahead of a crucial US jobs report that will provide clues on when the Federal Reserve will hike interest rates.



US nonfarm payrolls are forecast to show a rise of 245,000 in March after gaining 295,000 in February, according to a Reuters poll of economists.



A weaker-than-expected report could prompt investors to increase bets that the Fed might hold off on raising interest rates until later this year, buoying safe-haven assets such as gold.



Spot gold was little changed at $1,200.80 an ounce by 0701 GMT. With a small weekly gain, bullion may be on course to stretch its winning streak to a third straight week.



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Posted in: Indian Market Tips