Gold slips, eyes longest weekly losing streak in 6 months

SINGAPORE: Gold edged lower on Friday as the market nervously awaited US nonfarm payrolls data, heading for its longest weekly losing streak in over six months as equities firmed and optimism grew about the US economy.

Investors in gold, which is often seen as a hedge against economic uncertainty, are eyeing the US jobs report later on Friday to gauge the strength of the economy and any potential impact on the Federal Reserve’s stimulus measures.

A weak report could boost gold’s appeal as a safe-haven, while a strong report could prompt speculation that the Fed will lift rates earlier than previously expected.