Gold eased into a tight range on Friday as cautious investors positioned themselves for U.S. jobs data, but safe-haven bullion was still bound for a second straight weekly gain on expectations of a moderation in the pace of U.S. rate hikes. Spot gold fell 0.3% to $1,797.98 per ounce by 1255 GMT, after earlier hitting its highest since Aug. 10 at $1,804.46. U.S. gold futures were down 0.2% at $1,812.20.
After 15 weeks of being trapped in the claws of $1,700 pricing or lower, gold broke free to hit a 5-month high above $1,800 an ounce on Thursday as easing U.S. inflation and jobs growth pointed to the likelihood of smaller Federal Reserve rate hikes from hereon. The spot price of gold, which is more closely followed than futures by some traders, was at $1,800.62 an ounce by 14:10 ET (19:10 GMT). Spot gold’s peak for the day was $1,803.99.