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Gold price (XAU/USD) trades on a flat note near $4,205 during the early Asian trading hours on Friday. Rising US Treasury yields and upbeat US jobs data cap upside for the precious metal. Traders might prefer to wait on the sidelines ahead of the key US inflation data. The US delayed the Personal Consumption Expenditures (PCE) Price Index report for September, which will be published later on Friday. 

Higher yields and stronger US jobs data could provide some support to the US Dollar (USD) broadly and weigh on the USD-denominated commodity price. Data released by the US Department of Labour (DOL) on Tuesday showed that US Initial Jobless Claims for the week ending November 29 declined to 191,000, compared to 218,000 in the previous week. This figure came in lower than the market consensus of 220,000. 

Traders will closely monitor Friday's US PCE inflation data for more clues on the Federal Reserve's (Fed) policy outlook ahead of its December meeting. Any signs of hotter inflation in the US economy could undermine the Gold price in the near term. 

Meanwhile, the Fed is widely anticipated to reduce its key interest rate by 25 basis points (bps) at its December policy meeting next week. This, in turn, could underpin the yellow metal. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.

Uncertainty and elevated geopolitical risks could boost the safe-haven flows, benefiting the Gold price. US President Donald Trump said on Wednesday that the path ahead for Ukraine peace talks is unclear. These comments came after Trump called the "reasonably good" talks between Russian President Vladimir Putin and US envoys. Ukrainian President Volodymyr Zelenskiy stated that his team is preparing for meetings in the US and that the dialogue with Trump's representatives will continue.

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