Gold recovered from its lowest since early February on Friday as the dollar drifted lower ahead of US jobs data, but is still on track for a fourth consecutive weekly decline. Spot gold was up 0.2 percent at $1,173.59 an ounce by 0612 GMT. The metal fell to its lowest since February 5 at $1,160.38 in the previous session.
For the week, gold was trading down 0.8 percent. US gold futures gained 0.5 percent at $1,175.30 per ounce. "These movements in gold can be tied to the dollar," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. "There is a bit of buying in the physical side, but that has not been really aggressive."
The dollar index, which measures the greenback against a basket of major currencies, fell about 0.3 percent on Friday to 100.770 as investors remained wary ahead of US payrolls data due later in the day. "Most market participants are awaiting the crucial non-farm payrolls (NFP) data due today. A positive outcome could mean the Federal Reserve can raise interest rates in the next meet," said Hareesh V, Research Head at Geofin Comtrade Ltd.
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