Gold headed for the biggest weekly decline in more than two months as investors looked to the U.S. nonfarm payrolls report Friday for signals on the strength of the economy, which will help determine when the Federal Reserve raises interest rates.
Bullion for immediate delivery was at $1,113.13 an ounce at 8:43 a.m. in Singapore from $1,113.61 Thursday, according to Bloomberg generic pricing. Prices fell 2.9 percent this week, the most since the five days ended July 24.
The jobs data will be scrutinized for signs of whether China’s slowdown and the steepest quarterly rout in global stocks since 2011 have shaken the U.S. recovery. The Labor Department report is projected to show payroll gains accelerated last month compared with August. Gold fell for five straight quarters through Sept. 30 as the prospect of higher rates reduced the metal’s appeal because it doesn’t pay interest.