FALCON POWERS – Gold prices jumped on Friday and are on track to record their best weekly performance supported by the momentum gained from weak U.S. jobs data this week, which has strengthened expectations of an interest rate cut by the Federal Reserve.
As of 14:23 GMT, spot gold rose by 0.71% to $2,362.49 per ounce. June futures for gold also increased by 1.26% to $2,369.60.
Gold advanced by over 1% on Thursday after data showed that the number of Americans filing new claims for unemployment benefits exceeded expectations last week.
Investors are now awaiting data on the Producer Price Index and Consumer Price Index in the United States next week, as the results of both indicators may impact the prices of gold and silver.
As for other precious metals, spot silver declined by 0.47% to $28.203 per ounce, platinum increased by 1.63% to $993.90, and palladium rose by 1.71% to $983.50.
