Gold is currently at $1,061.10 (-0.01%) as investors await the U.S. payrolls report due later today. Market participants believe that the Federal Reserve will raise its interest rates at the December 15-16 meeting and only disappointing employment data can lower these expectations.

Yesterday the precious metal stepped away from a multi-year low after the European Central Bank stimulus adjustments fell short of expectations. The euro rose after the ECB meeting sending the dollar to a one-month low against the basket of major currencies and contributing to bullion's gains.

Nevertheless gold is under pressure ahead of today's jobs data and the FOMC meeting later this month.