Gold headed for a weekly gain, as traders look to a key US jobs report that's likely to guide the interest rate outlook at the Federal Reserve.

Bullion was little changed as markets shifted focus to the US payrolls data due later Friday. The report is expected to show that the US added 180,000 jobs in May while the unemployment rate held steady. That could support the case for rate cuts as US officials have emphasized they need more evidence that inflation is easing toward the central bank's 2% target before reducing borrowing costs. Lower rates typically boost gold, which doesn't pay interest.

After surging to a record last month, bullion's been fairly range-bound amid uncertainty over the Fed's rate trajectory. Markets have cautiously ramped up bets on cuts this week, emboldened by a slew of softer-than-forecast US data. Figures on Thursday showed that jobless claims topped estimates, US labor costs increased by less than previously reported and the trade deficit widened.

Spot gold was little changed at $2,376.96 an ounce at 8:26 a.m. in Singapore. It's up 2.1% this week. The Bloomberg Dollar Spot Index was steady, silver and palladium were flat, while platinum edged higher.

Source : Bloomberg