Investing.com - Gold futures were higher on Friday, as Chinese buyers came back into the market after a week-long holiday and as caution ahead of the release of highly anticipated U.S. employment data weakened the dollar, boosting demand for the precious metal. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,261.90 a troy ounce during European afternoon trade, up 0.37%. The April contract settled just 0.02% higher on Thursday to end at USD1,257.2 a troy ounce. Gold futures were likely to find support at USD1,247.20 a troy ounce, the low from February 4 and resistance at USD1,274.10, the high from February 5. Markets in China, the world's biggest gold consumer, opened on Friday after a week-long holiday for the Lunar New Year, boosting trading volumes. Meanwhile, the dollar came under pressure ahead of U.S. employment data to be released later in the trading session, which was expected to give more indications on the strength of the labor market's recovery. Dollar weakness usually benefits gold, as it boosts the metals’ appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Elsewhere on the Comex, silver for March delivery slipped 0.23% to trade at USD19.883 a troy ounce, while copper for March delivery gained 0.46% to trade at USD3.244 a pound.

Source