Nov 1 (Reuters) - Gold gained on Friday, recovering from the losses in the previous session, as the dollar and Treasury yields weakened after data showed U.S. job growth slowed sharply in October.

Spot gold rose 0.5% to $2,757.25 per ounce by 10:00 a.m. ET (1400 GMT). Prices fell 1.5% on Thursday as some traders took profit after bullion hit a record high of $2,790.15.

U.S. gold futures rose 0.6% to $2,767.80.

"The biggest factor this morning is the terrible jobs report that came out of the U.S ... naturally in the environment that we're in, with rates, debt concerns, and worry, gold is right back up," said Bob Haberkorn, senior market strategist at RJO Futures. U.S. job growth last month was affected by disruptions from hurricanes and strikes by aerospace factory workers.

After the report, the dollar erased earlier gains to trade lower, while benchmark 10-year yields also dipped. However, the unemployment rate held steady and economists expected the Federal Reserve to sort through the noise and cut interest rates by 25 basis points next week.

"I think (prices) will stay elevated all day long going into the weekend ahead of the U.S. election and also with talks of an Iranian retaliatory strike on Israel," Haberkorn said.

Opinion polls indicate a close race between Donald Trump and Kamala Harris in the Nov. 5 U.S. presidential election.

Saxo Bank said despite a less dovish tone following a number of strong economic data prints, the Fed is still expected to cut rates on Nov. 7, potentially supporting additional demand for bullion-backed exchange-traded funds.

High gold prices, however, continue to affect physical demand in major Asian regions. Gold consumption in China fell 11% in the first nine months of 2024. Among other metals, spot silver was up 1.1% at $33 per ounce.

Platinum gained 1.6% to $1,003.90, while palladium added 2.1% at $1,129.01.