Gold prices firmed on Friday, setting the stage for their first weekly gain in four, as growing optimism over a U.S. fiscal stimulus deal pressured the dollar and boosted the metal’s appeal as an inflation hedge.
Spot gold rose 0.2 % to $1,843.99 U.S. per ounce. U.S. gold futures were up 0.4% at $1,847.90.
Gold has added over 3% so far this week.
The U.S. dollar eased on Friday and was set for its worst week since early November, making gold cheaper for other currency holders.
A bipartisan, $908-billion coronavirus aid plan gained momentum in the U.S. Congress on Thursday as conservative lawmakers expressed their support.
Also supporting gold was news that drug maker Pfizer (NYSE:PFE) slashed its target for the rollout of its Covid-19 vaccine on supply disruptions.
Investors are awaiting U.S. non-farm payrolls data due at 8:30 A.m. EST for further clues on the pace of the economic recovery.
Silver rose 0.1% to $24.09 U.S. per ounce and was set to climb 6% in the week. Platinum gained 1.3% to $1,043.19 U.S. and palladium was up 1.2% at $2,328.82 U.S.
