Gold prices edged higher on Friday and were on track for their best weekly gain in three months, as expectations of a Federal Reserve rate cut bolstered bullion’s appeal and investors awaited U.S. non-farm payrolls data due later in the day.
Spot gold was up 0.1% at $3,548.49 U.S. per ounce. Bullion has risen 3% so far this week.
U.S. gold futures for December delivery were steady at $3,605.10.
U.S. jobless claims rose more than expected last week, while the ADP National Employment Report showed private payrolls grew below forecasts in August, both signaling further signs of a weakening labour market.
Investors are now focused on the U.S. non-farm payrolls report, due at 1230 GMT, which is expected to show an increase of 75,000 jobs in August, according to a Reuters poll, compared with 73,000 in July.
Elsewhere, spot silver rose 0.2% to $40.76 per ounce and was heading for its third straight weekly gain. Platinum gained 1% to $1,381.17 and palladium was down 0.7% at $1,119.23.
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