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Gold Hits New Record

Gold prices hit record highs for a fourth consecutive session on Friday on growing speculation over June interest rate cuts ahead of key U.S. jobs data due later in the day.

Spot gold rose 0.4% to $2,168.28 U.S. per ounce overnight, while U.S. gold futures added 0.5% to $2,175.50 U.S.

Gold reached a new all-time high of $2,170.99 U.S. earlier in the session and has gained more than 4.1% so far this week, setting it on track to post its biggest weekly percentage increase since mid-October.

Gold first surpassed its December peak on Tuesday, primarily aided by growing indications of cooling price pressures and bullion’s traditional safe-haven cachet.

The focus today is on the critical U.S. non-farm payroll data set to release at 8:30 EST, which will guide market direction in the near term.

Low interest rates are gold supportive as they reduce the opportunity cost of holding bullion.