Gold Steady Ahead Of U.S. Jobs Report


08/02/2014 08:48 AST

Gold futures were little changed Friday morning ahead of a crucial U.S. jobs report that will shed light on the health of the world's largest economy.

A solid jobs report despite brutal winter weather across much of the nation could mean the Federal Reserve will carry on tapering its massive bond buying plan.

U.S. April gold was up $5 at $1,262 an ounce, holding on to modest weekly gains.

The U.S. Labor Department is scheduled to release its non-farm payrolls report for January at 8:30 am ET. Economists estimate the economy to have added 181,000 jobs in the month, while the jobless rate is estimated to have remained unchanged at 6.7 percent.

The Federal Reserve is due to release its report on outstanding consumer credit at 3 pm ET. The consensus estimates call for a $12 billion increase in outstanding consumer credit in December compared to a $12.3 billion increase in the previous month.

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