Gold prices rose on Friday to hover near a record high scaled earlier in the week, as concerns over a weak labour market in the U.S. cemented expectations of multiple interest rate cuts by the end of the year, and so, boosting demand for the yellow metal.
Spot gold was up 0.5% at $3,650.23 U.S. per ounce near an all-time high of $3,673.95 touched on Tuesday. Bullion has gained 1.8% so far this week and was headed for its fourth straight weekly gain.
U.S. gold futures for December delivery were up 0.4% at $3,689.10.
U.S. President Trump reiterated his call on Wednesday for Federal Reserve Chairman Jerome Powell to cut benchmark interest rates.
The Fed will cut its key interest rate by 25 basis points on September 17, said almost all 107 economists in a Reuters poll.
Non-yielding bullion tends to perform well in a low-interest-rate environment.
Gold prices have risen about 39% so far this year, driven by a soft dollar, strong central bank buying, dovish monetary policy and heightened global uncertainty.
