2021.10.0810:17:00UTC+00Gold Holds Steady In Range-bound Trade

Gold prices held steady in range-bound trade on Friday as traders refrained from making big bets ahead of the U.S. non-farm payrolls report due later today that could offer fresh insight into the timing of Federal Reserve tapering.

Spot gold edged up 0.2 percent to $1,759.18 per ounce, while U.S. gold futures were little changed at $1,759.65.

The U.S. dollar edged higher versus major peers and U.S. Treasury yields rose above 1.6 percent before the release of U.S. nonfarm payrolls data that is likely to pave way for a reduction in stimulus.

Economists expect a rise of 488,000 jobs in the month of September, while the jobless rate is seen falling to 5.1 percent from 5.2 percent.

A solid data could intensify hopes that the U.S. Federal Reserve could move towards tapering at its meeting next month.

Meanwhile, the U.S. debt ceiling concerns receded after Senate approved a legislation to raise the debt limit by $480 billion that would run through early December.