Manama: Gold prices were little changed on Friday but remained on track for their biggest weekly gain since January, supported by lower oil prices as investors awaited US nonfarm payrolls data for signals on the outlook for interest rates. Spot gold was steady at $4,235.57 per ounce and was up 4.8% for the week, while US gold futures slipped 0.1% to $4,293.80.
According to Bahrain News Agency, other precious metals did not fare as well, with silver, platinum, and palladium all posting losses. The movement in gold prices was primarily attributed to lower oil prices, which tend to influence inflation expectations and interest rate forecasts, thereby impacting gold's appeal as an investment.
Investors were also closely watching the US nonfarm payrolls data, as it could provide insights into the Federal Reserve's future interest rate decisions. The anticipation around the data kept the market cautious, although the gold market remained resilient and showed significant weekly gains.