Gold prices were largely steady in Asian trading on Friday as investors adopted a cautious stance ahead of key U.S. jobs data due later in the day, while bullion remained on track for weekly gains underpinned by U.S.-Venezuela tensions.

Spot gold was largely flat at $4,474.20 an ounce by 02:06 ET (07:06 GMT). U.S. Gold Futures slipped 0.3% to $4,483.60.

Gold was set for a weekly gain of more than 3%, having surged at the start of the week after the U.S. launched a military operation in Venezuela and captured President Nicolas Maduro.

US jobs data awaited; dollar at 1-mth high

The yellow metal was pressured by a firmer U.S. dollar, with the US Dollar Index touching a one-month high. A stronger dollar typically weighs on gold by making it more expensive for buyers using other currencies.

Markets awaited the U.S. nonfarm payrolls report for fresh clues on the health of the labour market and the Federal Reserve’s policy path. The data could influence the timing and scale of future rate cuts, keeping traders reluctant to take large positions ahead of the release.

Traders are increasingly pricing in two additional U.S. interest rate cuts in 2026 following the Federal Reserve’s rate reduction in December.

Lower interest rates tend to enhance gold’s appeal, as the metal does not offer a yield and competes more favourably when borrowing costs fall.

Gold supported by geopolitical tensions

Lingering U.S.-Venezuela tensions have supported demand for safe-haven assets, sending gold sharply higher at the start of the week before prices consolidated in subsequent sessions.

Developments in Washington remained in focus. The U.S. Senate voted to advance measures aimed at curbing further military action in Venezuela.

President Donald Trump, however, said U.S. oversight of the situation in Venezuela could last for years, underscoring the risk of a prolonged geopolitical standoff that could continue to support bullion.

Metal markets rise, palladium jumps

Other precious and industrial metals traded higher on Friday.

Silver prices gained 0.4% to $77.23 per ounce, while platinum also advanced 0.4% to $2,275.60/oz.

Palladium prices jumped 5% $1,872.50/oz.

Benchmark Copper Futures on the London Metal Exchange rose 1.3% to $12,867.20 a ton, while U.S. Copper Futures climbed 1% to $5.86 a pound.