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Gold held steady above $1,230 an ounce on Friday, after posting its biggest quarterly rise in nearly 30years on waning expectations of U.S. rate hikes, with investors waiting for U.S. non-farm payrolls data for more cues.

With a 16-percent jump, gold on Thursday recorded its best quarterly performance since 1986 as global growth concerns diminished expectations of further U.S. interest rate hikes this year. A tumble in the global stock market and the U.S. dollar triggered safe-haven demand for the metal.

Federal Reserve Chair Janet Yellen said this week that the U.S. central bank should proceed only cautiously as it looks to raise interest rates.

New York Federal Reserve President William Dudley on Thursday said he agrees with Yellen's views that the U.S. central bank should proceed cautiously, particularly given risks from slow growth abroad.

All eyes are now on U.S. non-farm payrolls data due later in the session that will be watched for clues about the labour market and the economy.

Gold prices ended the U.S. day session moderately higher Thursday, on some bargain hunting buying interest following recent selling pressure. The precious metals are also benefiting from an eroding U.S. dollar index, which dropped to a 5.5-month low today. Even though trading in the gold market has turned choppy recently, the bulls are still maintaining the overall near-term technical advantage. June Comex gold was last up $7.20 at $1,235.60 an ounce. May Comex silver was last up $0.244 at $15.455 an ounce.

Technically, June gold futures prices closed near mid-range. Gold bulls have the overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,264.10. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at this week’s low of 1,207.70. First resistance is seen at this week’s high of $1,246.80 and then at $1,250.00. First support is seen at today’s low of $1,225.10 and then at Tuesday’s low of $1,217.00. Wyckoff’s Market Rating: 6.5

Reference: Reuters, Kitco