Gold stalled gains ahead of U.S. payrolls data

Gold prices held steady on Friday as the market was in a standstill, waiting for U.S. payrolls data to be released. The statistics could have an impact on the Fed's monetary tightening course.

The metals market has seen significant growth this week in the run-up to the Federal Reserve (Fed) meeting. Experts predicted that the U.S. central bank is likely to continue interest rate hikes in the country at a slower pace than previously expected. Earlier, precious metals being under pressure of the rapid rate hikes in 2022, have become the major winners of this rally. 

Currently, investors are focused on the U.S. nonfarm payrolls data. Its release is scheduled for December 2. Thus, the labor market is seen to record a downturn. 

If there are any signs of rising labor market activity, the Fed is likely to push interest rates higher, being a negative scenario for gold.