Gold Heads for Biggest Weekly Gain Since January Amid Market Uncertainty

Gold is poised for its biggest weekly gain since January as investors await US non-farm payrolls data and monitor developments in energy markets. The precious metal traded little changed on Friday, with spot gold holding steady at $4,235.57 per ounce. This puts gold on track for a 4.8 percent weekly gain.

Meanwhile, US gold futures slipped 0.1 percent to $4,293.80 per ounce. Other precious metals, such as silver, platinum, and palladium, declined by 0.4, 0.5, and 0.5 percent respectively.

Gold is often viewed as a hedge against inflation, but higher interest rates typically reduce its attractiveness because it does not generate a yield.