Gold Price Rises on Dollar Weakness as Markets Await US Jobs Data

Gold prices rose more than 1% on Friday and headed for a weekly gain as the dollar fell and investors awaited the US jobs report, which could shed more light on the upward trajectory of gold. Federal Reserve rates.

Spot gold was up 1.2% at $1,648.77 per ounce by 09:06 GMT and is up 0.4% so far this week. US gold futures were up 1.3% at $1,651.40.

The dollar index fell 0.3%, making gold more attractive to holders of other currencies.

The US central bank raised interest rates by 75 basis points for the fourth time in a row this week, but also signaled it may be nearing a tipping point in what has become the fastest tightening of monetary policy in 40 years. .

Data on Thursday showed the number of Americans filing new claims for jobless benefits unexpectedly fell last week. All eyes are now on the US Non-Farm Payrolls data for October due to be released at 12:30 GMT.

A Reuters poll showed that nonfarm payrolls probably increased by 200,000 jobs last month, after growing by 263,000 in September.

Gold is considered a hedge against inflation, but high interest rates dent the attractiveness of this unprofitable asset.

Among other precious metals, spot silver rose 1.9% to $19.83 an ounce, platinum gained 1.4% to $931.94 and palladium added 1.8% to $1,834.40.

With information from Reuters