Gold hovers near 1-week high ahead of US jobs data
US payrolls report due at 1230 GMT
Gold appears poised to test new highs - analyst
Palladium heads for weekly loss
Updates prices
By Ashitha Shivaprasad
Sept 6 (Reuters) -Gold prices hovered near a one-week high on Friday and were on track for weekly gains, as investors focused on U.S. jobs data that could shape the size of Federal Reserve's expected rate cut this month.
Spot gold XAU= rose 0.1% at $2,518.49 per ounce by 0742 GMT,after hitting a one-week high of $2,523.29 in the previous session. Bullion gained 0.6% for the week.
U.S. gold futures <GCcv1> firmed 0.2% to $2,548.50.
Bullion typically performs better in a low-interest-rate environment and is viewed as a safe asset during periods of uncertainty.
Bets for a 50-basis-point cut by the Fed on Sept. 18 have risen to 41% from 34% a week ago, according to CME Group's FedWatch tool. The U.S. non-farm payrolls (NFP) data due at 1230 GMT could provide further clarity.
"Gold prices are likely to edge higher if the upcoming NFP report shows signs of labour market weakness, though the market could experience bouts of volatility. Prices appear poised to test new highs," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
Gold has hit record highs this year, rising about 22% so far.
It seems likely that election dynamics and rate cut expectations have increased activity in gold, as seen in options 'spreading' positioning, the World Gold Council said in a monthly report.
Data on Thursday showed that U.S. private employers hired the fewest number of workers in 3-1/2 years in August, while the number of Americans filing new applications for jobless benefits declined last week.
Spot silver XAG= was flat at $28.82.
"The silver market is projected to remain in deficit, with the shortfall expected to widen by 17% this year, creating a potentially bullish scenario for the metal," said Sachdeva.
Platinum XPT= gained 1.1% to $934.00. Palladium XPD= rose 0.3% to $943.78but was headed for a weekly loss.
Spot gold price in USD per oz https://reut.rs/3B1Y8Sq
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Sumana Nandy
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