Gold Rises as Dollar Weakens, Market Sees Fed Pause

Gold prices rose last Friday, closing the week higher after market attention focused on the latest U.S. inflation and employment data.

The figures were broadly in line with expectations, while signs of cooling in the labor market reinforced expectations that the Federal Reserve (Fed) will keep interest rates unchanged next month.

The U.S. Dollar Index weakened by approximately 0.3%, making dollar-denominated gold more attractive to overseas buyers.

Spot gold rose 0.7% to $4,379.95 per ounce after briefly reaching a high of $4,449.39 intraday, the highest level since June 5.