Spot gold was down 0.1% at $1,872.44 an ounce at 10:27 a.m. ET (1527 GMT).
US gold futures rose 0.4% to $1,871.10.
The dollar rose 0.1% against its rivals, making gold more expensive for other currency holders.
“The main focal point here was the shift in sentiment after the jobs report. It was expected that (Fed Chief) Jerome Powell would take the opportunity to push the market down a bit, but he didn’t,” David said. Meger, director of metals trading at High Ridge Futures.
“We continue to see gold prices ranged here. There is quite strong support in the $1,850-$1,870 range. We think the dips will remain a short-term buying opportunity .”
Powell said on Tuesday that interest rates may need to rise more than expected if the U.S. economy remains strong, but reiterated that he believed a process of “disinflation” was underway. New York Fed President John Williams said on Wednesday that his expectations for future central bank rate cuts were driven primarily by the need to respond to the likelihood of lower inflation in the future. coming.
Gold is very sensitive to rising US interest rates, as these increase the opportunity cost of holding non-performing bullion.
Following a strong US jobs report, market participants are now awaiting January inflation numbers next week which may offer more clues to the Fed’s rate hike path.
“One factor that may well keep the price of gold so buoyant is the strength of buying from central banks, including those in China, India and Turkey,” Kinesis Money analyst Rupert Rowling said in a statement. a rating.
Spot silver rose 0.8% to $22.36, platinum climbed 0.5% to $978.11, while palladium slid 0.5% to $1,637.55 . (Reporting by Brijesh Patel in Bengaluru; Editing by Shailesh Kuber)