Gold heads for best week since January, US jobs data in focus
GLD•Gold firms ahead of U.S. payrolls data
Gold prices firmed on Friday and were en route to their biggest weekly gain since January, helped by weaker oil prices, while investors awaited key U.S. nonfarm payrolls data for clues on the interest rate outlook.
Spot gold XAU= was up 0.4% at $4,254.11 per ounce, as of 0156 GMT after hitting a seven-week high in the previous session. Prices were up over 5% for the week.
U.S. gold futures GCcv1 gained 0.3% to $4,312.00.
Silver, platinum and palladium also advance
Spot silver XAG= added 0.8% to $61.96 per ounce, platinum XPT= rose 0.4% to $1,735.71, while palladium XPD= dropped 0.3% to $1,367.06. All three metals headed for weekly gains.
Middle East peace hopes and rate expectations support bullion
Hopes of peace in the Middle East saw inflation expectations drop, allowing gold to surge higher from a multi-week consolidation above $4,000, said Matt Simpson, a senior analyst at StoneX.
U.S. President Donald Trump told reporters that he believed the war with Iran would be over soon and said the armed forces were experiencing issues with supplies of some weapons.
Crude oil prices were headed for a weekly loss. Lower energy prices help ease inflation concerns and reduce expectations of higher-for-longer interest rates. Gold is an inflation hedge, but elevated interest rates tend to weigh on its appeal as it offers no yield.
