ADP National Employment Report due at 1315 GMT
U.S. nonfarm payrolls data due on Friday
Gold seeing some profittaking after reaching 1,865 analyst

Jan 5 Reuters Gold prices slipped on Thursday from a near sevenmonth peak, as the dollar steadied and investors squared positions ahead of the closely watched U.S. jobs data that could influence the Federal Reserve39;s ratehike path.

Spot gold was down 0.3 at 1,848.59 per ounce, as of 0924 GMT, after hitting its highest since June 13 in the previous session. U.S. gold futures fell 0.3 to 1,854.10.

Minutes from the Fed39;s Dec. 1314 policy meeting released overnight showed policymakers still focused on controlling the pace of price increases that threatened to run hotter than anticipated.

The minutes did not really give us anything new to act upon, said Ole Hansen, head of commodity strategy at Saxo Bank, adding that the market was trying to work out the reason behind the initial moves in gold at the start of the year.

Conviction among traders tends to be a bit low at this time of the year, Hansen said, adding that the metal was seeing some profittaking after it reached 1,865 levels.

The dollar index rose 0.1, putting pressure on gold. A stronger dollar makes gold more expensive for buyers holding other currencies.

Market focus now turns to the ADP National Employment Report due at 1315 GMT, followed by the U.S. Labor Department39;s nonfarm payrolls NFP data on Friday.

If the jobs data reflects that the rate hikes…