Gold eased on Friday as the dollar firmed ahead of US jobs data, but looked set for a weekly gain of nearly 2 percent, while investor appetite for the safe-haven asset stayed intact over signs of a close-run US presidential election. The dollar index inched up about 0.1 percent to 97.222, but remained captive to uncertainty around the election race.
"We are seeing good buying because of the uncertainty ahead of the US election as people feel that gold is definitely going to go up," said Brian Lan, managing director at Singapore-based gold dealer GoldSilver Central. Spot gold was down 0.5 percent at $1,296.61 an ounce by 0708 GMT, while US gold futures fell 0.4 percent to $1,298.00 per ounce. "At present, the real concern is the US presidential election," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
Spot gold may revisit its November 3 low of $1,285.01 per ounce, as its correction from the November 2 high of $1,287 has not completed, according to Reuters technical analyst Wang Tao. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.47 percent to 949.69 tonnes on Thursday.
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