Gold poised for weekly gain; silver touches over 13-year high
Shafaq News/ Gold firmed on Friday, and was poised for a weekly rise after U.S. data this week boosted interest rate cut hopes by the Federal Reserve, while silver hit a more than 13-year high.
Spot gold was up 0.4% at $3,367.45 an ounce, as of 0854 GMT. Bullion has gained 2.4% for the week so far.
U.S. gold futures climbed 0.5% to $3,390.70.
"The disappointing jobless claims data, indicating potential labor market weakness, has had a more substantial impact on gold prices than the optimism stemming from President Trump's call with President Xi," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
U.S. President Donald Trump and Chinese leader Xi Jinping held a rare call Thursday amid trade tensions and a dispute over critical minerals.
The number of Americans filing new applications for unemployment benefits increased to a seven-month high last week, the Labor Department showed Thursday.
Markets are now eyeing the upcoming U.S. nonfarm payroll report, due at 1230 GMT, after a series of data releases this week signaled softness in the labor market.
Economists polled by Reuters forecast nonfarm payrolls increased by 130,000 jobs in May, while the unemployment rate is expected to remain steady at 4.2%.
"A softening US labor market would likely increase pressure on the Fed to ease monetary policy, especially if payrolls disappoint," Zumpfe added.
Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment.
Meanwhile, spot silver rose 0.2% to $36.23 per ounce, after hitting a more than 13-year high earlier in the session. Platinum rose 2.7% to $1,163.95, its highest level since March 2022. Palladium was up 1.4% at $1,019.62.
Gold is struggling really to break higher in the short term, driving investors toward undervalued silver and platinum, said Ole Hansen, head of commodity strategy at Saxo Bank.
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