Prices for gold hovered near a one-week high on Friday and were on track for weekly gains, as investors focused on U.S. jobs data that could shape the size of Federal Reserve’s expected rate cut this month.
Spot gold rose 0.1% at $2,518.49 U.S. per ounce, after hitting a one-week high of $2,523.29 in the previous session. Bullion gained 0.6% for the week.
U.S. gold futures firmed 0.2% to $2,548.50.
Bullion typically performs better in a low-interest-rate environment and is viewed as a safe asset during periods of uncertainty.
Gold has hit record highs this year, rising about 22% so far.
Data on Thursday showed that U.S. private employers hired the fewest number of workers in 3-1/2 years in August, while the number of Americans filing new applications for jobless benefits declined last week.
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