As markets awaited a key reading on non-farm jobs in the United States, gold prices hovered near their highest levels in seven months on Friday. On the other hand, copper prices have reversed weekly losses due to the relaxation of anti-Covid measures in the main Chinese importer.

After a series of strong rate hikes by Federal Reserve in 2022, the non-farm payroll in the United States is expected to have fallen slightly in d& eacute; cember. This indicates a certain cooling in the labour market. However, markets fear that any sign of resilience in the labor market could give the Fed enough leeway for more hawkish measures, as the reading has consistently exceeded estimates for eight consecutive months.

Gold futures fell 0.1% to $1,839.25 per ounce at 19:50 ET (00:50 GMT), while spot gold rose 0.1% to $1,834.53 per ounce. Yet this week, both instruments were set for a gain of 0.5%, their third consecutive week in black. After a series of strong hikes in 2022, gold prices have been supported by recent signals from the Fed that the central bank is likely to raise interest rates at a slower pace this year.

Silver futures lost nearly 3%, while platinum futures fell 1.3% this week.