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A UBS Group AG branded one hundred gram gold bar arranged at Gold Investments Ltd. bullion dealers in London, U.K., on Thursday, March 17, 2022.

Gold held below a one-week high on Friday and was on track for a weekly gain, as market participants focused 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 one-week 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 low-interest-rate environment and is viewed as a safe asset during periods of uncertainty.

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

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