Gold mixed in Asia, looks for more clues

Gold prices were mixed in Asian trade Friday ahead of a key US jobs data while ETF gold eased.

Gold for immediate delivery was seen trading at $1249.64 an ounce at 12.00 noon Singapore time while US gold futures for December delivery was at $1251.7 an ounce at the same time.

Analysts said the US jobs data are likely to show negative trends that may dampen safe haven appeal of the bullion.

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However some analyst said a weak US labour market report could trigger a new round of safe-haven gold buying.

Investors tend to favor physically backed bullion products as a haven from risk in times of economic or financial market uncertainty, they said.

Meanwhile, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell for the first time in a week on Thursday with a sizable decline of 9.12 tons, the largest one-day drop since late July.

Gold futures on Thursday closed less than half a percentage point away from their record high, resuming their climb as investors continued to use the metal as a means of safeguarding wealth.

Gold futures for December delivery rose $5.30, or 0.4 per cent, to settle at $1253.40 on the Comex in New York. The price reached $1256.60, the highest level for a most-active contract since June 28.