Gold Surges as Oil Prices Plummet and Interest Rate Hopes Ease

Gold prices remained steady on Friday but were poised for their strongest weekly gain since January. The precious metal benefited from lower oil prices, which eased inflation concerns and reduced expectations of elevated interest rates.

The U.S. nonfarm payrolls report is expected to provide clues about the outlook for interest rates, with investors awaiting its release at 12:30 GMT. According to the CME FedWatch Tool, there's a 55% probability of a U.S. interest rate increase in September.

U.S. President Donald Trump said he believes the conflict involving Iran will end 'very soon', adding that Iran cannot continue under current conditions. The comments from Trump came as oil prices were on course for a weekly decline, which has reduced inflation concerns and expectations of high interest rates.