The effect of gravity on the onset and growth rate of capillary instabilities in viscous liquid jets is studied. To this end, a spatial linear stability analysis of Cosserat's equations is performed using a multiscale expansion technique. A dispersion relation and expressions for the perturbation amplitude are derived to evaluate the growth rate of the most unstable axisymmetric disturbance mode. Modeling results are compared with classical results in the limit of zero Bond number, confirming the validity of this approach. Expressions for the critical Weber number, demarcating the transition between convective and absolute instability are derived as functions of capillary and Bond numbers. Parametric investigations for a range of relevant operating conditions (characterized by capillary, Weber, and Bond numbers) are performed to examine the jet breakup and the perturbation growth rate. In addition to the physical insight that is obtained from this investigation, the results that are presented in this work could also be of relevance as test cases for the algorithmic development and the verification of high-fidelity multiphase simulation codes.