Gold Tops $4,254 Amid Easing Oil Prices and US Non-Farm Payroll Focus

Gold prices surged past $4,254 on Friday, setting up for its strongest weekly gain since January. This uptrend is attributed to easing crude oil prices and investors' focus on upcoming US non-farm payrolls data for July, which could indicate the Federal Reserve's future interest rate path.

The precious metal has touched a seven-week high in the previous session, with spot gold rising 0.4% to $4,254.11 per ounce. It is now up over 5% for the week.

Analysts note that easing inflation expectations and growing hopes for peace in the Middle East have enabled gold to break out higher after oscillating above the $4,000 level for an extended period.