Gold Soars to Strongest Week Since January Amid US Payrolls Uncertainty
Gold prices are on track for their strongest week since January, buoyed by weaker oil prices and inflation concerns. Spot gold was steady at $4,235.57 per ounce as of 0045 GMT, but up 4.8% for the week. US gold futures fell 0.1% to $4,293.80.
Investors are awaiting key US nonfarm payrolls data for clues on the interest rate outlook. The data is scheduled for release at 1230 GMT and will likely influence market expectations of a September rate hike.
US President Donald Trump's comments that he believes the war with Iran would be over soon also contributed to gold's gains, as did lower energy prices which ease inflation concerns and reduce expectations of higher-for-longer interest rates. Gold is an inflation hedge, but elevated interest rates tend to weigh on its appeal.