Gold prices did not move much as investors braced themselves for additional signs of a slowing U.S. labor market. Attention was also focused on the Federal Reserve's scheduled interest rate reduction.

Spot gold muted at $2,026.30 per ounce, meanwhile gold futures slumped by 0.2% to $2,043.05 per ounce.

After temporarily rising to new highs above $2,100 at the start of the week, the yellow metal now seemed to have stabilized in a trading range of between $2,020 and $2,050 an ounce.

A number of variables combined to drive the gold advance, with expectations that the Fed will lower rates by March 2024 soaring due to Fed Chair Jerome Powell's dovish signals.

Over the week, the markets reduced these expectations, particularly in light of some encouraging signals of the US economy's recovery.

Gold prices also benefited from increased demand for safe havens after an attack on US vessels in the Red Sea, even though conflicts in MENA subsided without any further escalation.

Eyes now are on nonfarm payrolls as markets conjecture about Fed cutbacks.Traders were now intently watching Friday's nonfarm payrolls report for November in hopes of gaining additional insight into the job situation.