Gold prices gained ground for a fourth straight session on Friday, buoyed by safe-haven sentiment after weak U.S. data deepened concerns over economic growth, with eyes now turning to a jobs report that could signal further U.S. rate cuts.
Spot gold was up 0.3% at $1,508.64 U.S. an ounce Friday morning, having climbed in the previous session to its highest since Sept. 25 at $1,518.50. U.S. gold futures were flat at $1,514.60 U.S.
One analyst said the disappointing economic indicators from the United States in recent days were supporting safe-haven buying.
U.S. services sector activity slowed to a three-year low in September amid rising concerns about tariffs, a survey showed on Thursday, following a succession of poor economic data this week.
The jobs numbers are due out of the States at 8:30 ET. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar.
Gold is widely considered a safe store of value during economic and political uncertainty.
Among other precious metals, platinum fell more than 1% to $881.05 U.S. an ounce and was down more than 4% this week, putting it on track for its biggest weekly decline since May.
Silver gained 0.2% to $17.59 U.S. and palladium rose 0.4% to $1,659.64, set for a 1.5% fall on the week after eight weekly gains.
Related Stories
