Gold rose more than 1% on Friday and is on track to post its first weekly gain in five weeks, as weaker-than-expected U.S. employment data reduced investor expectations of further interest rate hikes by the U.S. Federal Reserve.
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Spot gold climbed 1.4% to US$4,179.94 per ounce by 02:35 GMT, its highest level since June 23.
U.S. gold futures for delivery also advanced 1.6% to US$4,193.20 per ounce.
The precious metal is set to gain 2.3% for the week, marking its first weekly advance since the week beginning May 25. Softer-than-expected U.S. nonfarm payroll and private-sector employment data helped ease inflation concerns, boosting demand for gold.
The U.S. dollar is also heading for a weekly decline, making dollar-denominated gold less expensive for holders of other currencies and supporting demand.
According to the CME FedWatch Tool, traders now see about a 54% probability of a Federal Reserve interest rate increase in September, down from 66% before the latest employment data were released.
Higher interest rates typically weigh on gold because the metal does not generate interest, making yield-bearing assets more attractive.
Among other precious metals, spot silver rose 2.3% to US$62.43 per ounce, platinum gained 2.7% to US$1,660.05, and palladium increased 1.3% to US$1,284.40 per ounce.
All three metals reached their highest levels in more than a week and were also on track for weekly gains.
