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By Bloomberg

Gold fell for a fifth day, the longest run since August, before data on U.S. jobs. Silver dropped to a two- month low.

While the Labor Department’s employment report may show fewer jobs added, the economy has so far logged 11 straight months of job gains of 200,000 or more, the best streak since a 19-month stretch that ended March 1995. The data may provide a signal for when the Federal Reserve will raise rates from near zero.

“The jobs number is the big focus today, and it can create volatility in the gold market,” Mark O’Byrne, the executive director of Dublin-based brokerage GoldCore Ltd, said by phone. “If there’s a better-than-expected number, you could expect to see gold prices come under pressure, and a worse-than-expected number could generate a safe-haven bid.”

Bullion for immediate delivery fell 0.4 percent at $1,193.74 an ounce by 10:19 a.m. in London. Prices dropped 1.6 percent this week and are heading for the lowest close since Jan. 2. The metal for April delivery on the Comex slipped 0.2 percent to $1,193.70.

Fed Bank of San Francisco President John Williams said Thursday that mid-year may be time for a “serious discussion” about raising interest rates as the labor market nears full employment and inflation rebounds. U.S. employers probably added 235,000 workers in February, compared with 257,000 in January, according to economist estimates compiled by Bloomberg. Higher rates cut gold’s allure because the metal generally offers returns only through price gains.

Silver for immediate delivery fell 1.3 percent to $16.0074 an ounce and earlier touched the lowest level since Jan. 5. Platinum slid 0.3 percent to $1,176.80 an ounce and palladium was little changed.