Investors sold the most gold from bullion-backed funds in more than a week

Investors sold the most gold from bullion-backed funds in more than a week, while prices were steady before U.S. data forecast to show a pickup in the jobs market.

Holdings in exchange-traded products backed by gold fell by 2.6 metric tons, the most since April 27, to 1,625.3 tons, according to data compiled by Bloomberg as of Thursday. Assets in the funds are at the lowest in a week.

Economists surveyed by Bloomberg expect Labor Department data Friday to show employers hired 228,000 workers last month, up from 126,000 in March. An improving economy would give the Federal Reserve more room to raise interest rates this year. Higher borrowing costs curb gold’s appeal because the metal generally offers returns only through price gains.