Gold holds advance as coronavirus adds to risks for global growth

Spot gold was steady at $1,784.48 an ounce by 7:13 a.m. in London after rising 0.8% Friday

Gold held onto Friday’s gain amid risk-off sentiment as investors weigh mixed labor data from the U.S., the Federal Reserve’s hawkish tilt and the threat of the omicron variant. 
 

Data Friday showed U.S. job growth registered its smallest increase this year while the unemployment rate fell by more than forecast to 4.2%, offering a mixed picture that may nevertheless push the Fed to quicken the wind-down of pandemic stimulus. It came after Chair Jerome Powell signaled faster tapering of asset purchases amid elevated inflation.

Meanwhile, Goldman Sachs Group Inc. economists cut their forecasts for the U.S. economy this year and next