Lower oil prices and easing inflation expectations supported bullion.
Gold prices rose during Friday’s trading and were on track to post their strongest weekly gains since January, supported by lower oil prices. This came as investors awaited the US nonfarm payrolls report. 
Hopes for a Middle East peace agreement had eased inflation expectations, allowing gold to rally sharply after trading within a narrow range above $4,000 for several weeks, Reuters reported, citing Matt Simpson, Senior Analyst at StoneX.
The CME FedWatch Tool currently shows traders pricing in a 55% probability of a US interest rate increase in September, down from 63% a week earlier.
Investors are awaiting the release of the US July nonfarm payrolls report, with economists expecting the economy to have added 83,000 jobs, compared with 57,000 in June.
Futures and Spot Prices of Selected Precious Metals
Metal
Price ($/oz)
Change ($)
Change (%)
Gold (October futures)
4,292.60
+24.20
+0.56%
Gold (Spot)
4,263.82
+24.59
+0.58%
Silver (September futures)
62.515
+0.909
+1.48%
Silver (Spot)
62.323
+0.840
+1.40%
Platinum (Spot)
1,738.67
+10.60
+0.61%
Palladium (Spot)
1,369.00
(1.89)
(0.15%)
As of 08:06 a.m. Makkah time.
Lower oil prices and easing inflation expectations supported bullion.
Gold prices rose during Friday’s trading and were on track to post their strongest weekly gains since January, supported by lower oil prices. This came as investors awaited the US nonfarm payrolls report.
Hopes for a Middle East peace agreement had eased inflation expectations, allowing gold to rally sharply after trading within a narrow range above $4,000 for several weeks, Reuters reported, citing Matt Simpson, Senior Analyst at StoneX.
The CME FedWatch Tool currently shows traders pricing in a 55% probability of a US interest rate increase in September, down from 63% a week earlier.
Investors are awaiting the release of the US July nonfarm payrolls report, with economists expecting the economy to have added 83,000 jobs, compared with 57,000 in June.
Futures and Spot Prices of Selected Precious Metals
Metal
Price ($/oz)
Change ($)
Change (%)
Gold (October futures)
4,292.60
+24.20
+0.56%
Gold (Spot)
4,263.82
+24.59
+0.58%
Silver (September futures)
62.515
+0.909
+1.48%
Silver (Spot)
62.323
+0.840
+1.40%
Platinum (Spot)
1,738.67
+10.60
+0.61%
Palladium (Spot)
1,369.00
(1.89)
(0.15%)
As of 08:06 a.m. Makkah time.
