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Sept 6 Reuters Gold held below a oneweek high on Friday and was on track for a weekly gain, as market participants focussed on U.S. jobs data that could shape the size of an expected rate cut this month.

Spot gold was little changed at 2,516.00 per ounce as of 0221 GMT, after hitting a oneweek high of 2,523.29 in the previous session. Bullion has climbed 0.5 for the week and 22 for the year so far.

U.S. gold futures edged 0.1 higher to 2,545.70.

Bullion typically performs better in a lowinterestrate environment and is viewed as a safe asset during periods of uncertainty.

Bets for a 50basispoint rate cut by the Federal Reserve on Sept. 18 have risen to 41 from 34 a week ago, according to CME Group39;s FedWatch tool. The U.S. nonfarm payrolls NFP data due at 1230 GMT could provide further clarity.

Gold prices are likely to edge higher if the upcoming NFP report shows signs of labour market weakness, though the market could experience bouts of volatility, said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhibased research firm.

Prices appear poised to test new highs, potentially reaching the 2,6802,700 range this year, she said, adding that geopolitical tensions, weakness in the dollar, persistent central bank buying and uncertainty surrounding the U.S. elections had underpinned the outlook for gold.

Data on Thursday showed that U.S. private…