06.11.202009:52:00UTC+00Gold Edges Higher Ahead Of US Jobs Report

Gold edged higher on Friday and the dollar remained under pressure as uncertainty over the U.S. vote continued and investors kept an eye on rising Covid-19 infections on both sides of the Atlantic.

The focus also remains on the U.S. non-farm payrolls report for October due out later in the day, with the report likely to show evidence of a weakening labor market.

Spot gold edged up 0.1 percent to $1,951.07 per ounce, after having risen as much as 2.4 percent on Thursday amid dollar weakness. U.S. gold futures were up 0.3 percent at $1,952.20.

Investors remain on edge over drawn-out vote counting in the U.S. presidential election.

Democratic challenger Joe Biden gained more ground on President Donald Trump in the battleground states of Georgia and Pennsylvania, edging closer to winning the White House. The Trump team is pressing legal challenges in several states.

On the Covid-19 front, the United States has surpassed 100,000 new coronavirus infections for the second day in a row on Thursday.

France posted a record number of new virus cases and Italy also registered its highest ever daily tally as several European countries reintroduce lockdown measures.

Denmark is killing its large mink population after discovering a coronavirus mutation that can spread to humans.

Meanwhile, U.S. employment is expected to increase by about 600,000 jobs in October after an increase of 661,000 jobs in September. The unemployment rate is expected to edge down to 7.7 percent from 7.9 percent.