Gold steadies after US jobs data damp prospects for rate cut

Gold was steady after a mixed US jobs report that offered little fresh incentive for the Federal Reserve to cut interest rates.

Bullion was trading around $4,080 an ounce, after dropping marginally in the previous session.

The last labour report that the Fed will see before its December 9-10 meeting showed that US job growth beat expectations in September but unemployment marched higher.

Many Fed officials are leaning toward keeping interest rates steady, while swap traders see a less-than-50% chance of a reduction next month. Bullion typically underperforms in a higher rate environment.

Gold edged up 0.1% to $4,082.90 an ounce at 7:18 am in Singapore. The Bloomberg Dollar Spot Index rose 0.1% in the previous session.

Silver and platinum were flat, while palladium was up slightly.