2018.02.0202:05:00UTC+00Gold Prices Slip Ahead of U.S. Jobs Data

Gold prices were slightly lower on Friday ahead of U.S. jobs data later in the day, with traders looking for any implications for the outlook for U.S. monetary policy over the rest of the year.

Spot gold fell 0.1 percent to $1,347.40 per ounce. It has also dropped 0.1 percent so far this week.

U.S. gold futures were up 0.2 percent at $1,351 per ounce.

Traders are looking to the U.S. government's jobs report on Friday.

Stronger-than-expected jobs data, lower unemployment and higher wages would signal strength in the economy, and could in turn strengthen the dollar and pressure gold, analysts say.

Spot gold is expected to rise to $1,357 per ounce, as it has broken above resistance at $1,347, according to Reuters technical analyst Wang Tao.

Among other precious metals, Silver dropped 0.1 percent to $17.22 an ounce. Platinum fell 0.4 percent to $1,002, while palladium lost 0.1 percent at $1,036.20.

Palladium fell to its lowest since Dec. 18 at $1,013.72 on Thursday and is on track to its worst weekly fall since the week-ending May 19, 2017. Prices are down over 5 percent this week and have fallen $124 since touching a record high at $1,138 on Jan. 15.