Gold Eases but Set for Weekly Gain Ahead of US Payroll Data:

Though some profit-taking caused gold to drop slightly on Friday, it was still on track to increase in value over the week due to the ongoing uncertainty regarding U.S President Donald Trump’s tariffs and the upcoming U.S non-farm payrolls data.

As of 0325 GMT, gold was recored danaged by 0.2%, settling at $2,904.98, while bullion value increased to 1.6% this week, gold spot value is set to decrease.

The spot price of U.S gold dropped by 0.5%, settling at $2,911.90.

Kunal Shah, head of research at Nirmal Bang Commodities claimed that “Markets are waiting for fresh triggers regarding what is likely to happen going forward with respect to the trade war… This small profit-taking would be a good opportunity to re-enter long positions.”

Trump on Thursday placed a hold during the week on Canada and Mexico tariffs which caused many goods to drop by 25%. This was an attempt to actively manage the negative portrayal of Trump’s trade policy, as it placed rampant inflation fears and a decline in economic growth on the global financial markets.

A dollar's depreciation combined with ongoing economic conflicts and inflation uncertainty fuels the demand for gold.

The value of the US dollar index continues to suffer, nearing a four-month low which will increase purchases of gold.

Gold value has surged over 10 % this year due to the economic uncertainty invoked by Trump.

During a speech, Federal Reserve Governor Christopher Waller mentioned that he would be straying towards voting against a rate cut during this month’s Federal Open Market Committee meeting, but is tentatively in favor of cuts later in the year, contingent on inflation continues to come down.

Political instability and inflation are seen behind the scenes, but at the same higher interest rates are plaguing the appeal of the non-yielding asset.

As per a Reuters poll, it's expected that the non-farm payrolls report that is slated to be released at 1330 GMT on the 7th of March will reflect an increase of 160k jobs in the month of February.

While spot silver decreased by 0.4% reaching $32.51 per ounce, palladium also fell, edging by 0.1% to $941.21. Platinum, however, became firmer by 0.1% reaching $967.58.