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Gold was a tad higher on Friday and headed for its best weekly gain in two months as the dollar fell from recent highs after the passage of U.S. debt ceiling bill by the Senate and amid Fed pause hopes.
Spot gold edged up 0.2 percent to $1,980.72 per ounce, while U.S. gold futures were up 0.1 percent at $1,997.75.
A weaker dollar boosted bullion's appeal after the U.S. Senate passed a bipartisan bill to raise the debt ceiling into 2025 and cut the deficit, the final hurdle for the U.S. to avoid default on its debt.
The bill will now be sent to President Joe Biden and will become law after his signature. Approval is expected before the June 5 deadline.
U.S. Treasury yields also slipped after Philadelphia Federal Reserve President Patrick Harker said the Fed should probably skip raising interest rate at its next policy meeting.
Focus now shifts to the monthly U.S. jobs report due later in the day, which could impact the outlook for interest rates.
Economists expect employment to increase by 190,000 jobs in May after an increase of 253,000 jobs in April. The unemployment rate is expected to inch up to 3.5 percent from 3.4 percent.
