Investing.com - Gold prices rose on Friday, as traders were eyeing an upcoming report on U.S. employment after mixed data on Thursday dampened demand for the greenback.
Comex gold futures were up $1.54 or about 0.12% at $1,323.80 a troy ounce by 03.00 a.m. ET (07:00 GMT).
The greenback weakened after data on Thursday showed that U.S. consumer spending rose slightly less than expected in July and annual inflation increased at its slowest pace since late 2015.
A separate report showed that U.S. pending home sales decreased by 0.8% last month, compared to expectations for a gain of 0.5%.
On a more positive note, the U.S. Labor Department said initial jobless claims rose less than expected last week to 236,000.
The greenback had strengthened broadly after a batch of upbeat U.S. data on Wednesday, including a higher than expected revision to second-quarter economic growth.
Market participants were now eyeing the monthly nonfarm payrolls report due later Friday, for further indications on the strength of the economy.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at 92.75.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
Elsewhere on the Comex, silver futures gained 0.3 cents or about 0.20% to $17.51 a troy ounce.