Gold pared gains on Friday after data showed US job growth rebounded in April and stayed on track for its biggest weekly loss in six months as expectations for a US interest rate hike in June grew and euro zone political risk receded. The dollar firmed against a basket of major currencies after the US payrolls data, but its reaction was muted, with the euro near six-month highs before the French election on Sunday.

Spot gold was at $1,227.61 an ounce at 1400 GMT, little changed from late on Thureday and still set to end the week down 3.1 percent, its biggest weekly drop since November. US June gold futures were flat at $1,228.40. "The US employment (data) was stronger than expected," ABN Amro analyst Georgette Boele said. "This only put gold prices slightly under pressure, because the US dollar didn't rally."

Gold hit a six-week low of $1,225.25 on Thursday after the Fed played down any threats to this year's planned rate increases, supporting forecasts of another move in June. "Following six weeks of fund buying, gold was left exposed as geo-risks faded, but the fact that ETPs have seen limited selling appetite could be an indication that this was mostly speculative sellers reducing longs," Saxo Bank's head of commodities research, Ole Hansen, said.

Holdings of gold exchange-traded products (ETPs) tracked by Reuters have held fairly steady during the recent sell-off, now standing less than 1 percent below April's near five-month high. Silver was down 0.1 percent at $16.26 after hitting a four-month low of $16.17 on Thursday. The metal has fallen 10 percent in the second quarter. Platinum was up 1.2 percent at $909.90 an ounce, while palladium was 0.5 percent higher at $807.72. The spread between platinum and palladium was close to its narrowest in 15 years, having dipped below $100 an ounce this week.

Copyright Reuters, 2017