*
Friday's U.S. non-farm payrolls awaited
*
Gold up 2.4% so far this week
*
Benchmark U.S. Treasury yields near seven-month lows
(Adds comments, details, updates prices)
By Seher Dareen
April 6 (Reuters) - Gold prices eased slightly on
Thursday as the dollar edged up and markets hunkered down for
cues from the U.S. jobs report.
Spot gold was down 0.1% at $2,017.59 per ounce by
1232 GMT, while U.S. gold futures for June delivery fell
by a similar margin to $2,033.70.
Bullion has gained about 2.4% so far this week, after the
surprise oil output cuts by OPEC+ and the weak U.S. private jobs
and service sector data over the week added to fears of an
economic slowdown, pushing the gold prices over $2,000.
"The pending U.S. jobs report on Friday could determine
whether the precious metal concludes the week above or below
$2,000," said Lukman Otunuga, senior research analyst at FXTM.
However, market reactions could be gauged only by Monday as
the most financial markets will remain shut for the Good Friday
holiday.
The yellow metal is traditionally considered a hedge against inflation and economic uncertainties, but higher interest rates dim the non-yielding bullion's appeal.
U.S. benchmark Treasury yields held near their seven-month lows. The dollar edged up 0.1%, making gold more expensive for holders of other currencies. Markets see a 58% chance of the Federal Reserve standing pat on rates in the May policy meeting, according to CME's FedWatch tool.
"Beyond this point, prices may venture towards the all-time high of around $2,075 – a level not seen since August 2020. Should bulls run out of steam, prices may slip back towards $2,000 and $1,950, respectively," Otunuga added.
Meanwhile, demand for physical gold in key Asian hubs hits a pause this week with high domestic prices forcing some dealers to lure customers with discounts. Spot silver fell 0.1% to $24.94 per ounce, platinum rose 0.4% to $1,001.06 and palladium was down 0.2% at $1,427.46. (Reporting by Seher Dareen in Bengaluru; Editing by Shweta Agarwal and Sohini Goswami)
70128, if within U.S. call +1 646 223 8780;))