Investing.com - Gold prices edged higher in Asia on Friday with jobs data in the U.S. eyed for signals on the prospects of the Fed rate hike path in 2017.
Gold for February delivery on the Comex division of the New York Mercantile Exchange eased 0.20% to $1.178.95 a troy ounce. Copper futures gained 0.24% to $2.541 a pound.
Nonfarm payrolls data from the U.S. later Friday is expected to set the tone for gold as it is sensitive to higher interest rates and a stronger dollar. The Fed in December forecast as many as three rate hikes in 2017.
Overnight, gold prices rallied to a four-week high on Thursday, as the U.S. dollar stepped further away from a 14-year peak against a basket of major currencies following the release of commentary from the Federal Reserve.
Minutes from the Fed's December policy meeting showed most officials thought the U.S. economy could grow more quickly because of tax cuts and infrastructure spending under President-elect Donald Trump’s incoming administration.
At the same time, policymakers "emphasized their considerable uncertainty" about future economic policy changes.
The minutes also showed that policymakers assumed that Trump's promises of fiscal stimulus could, if delivered, spur inflation which would in turn lead to a faster pace of rate increases this year.
Trump will take office on January 20 and has yet to outline his economic policies in detail.