New york: Gold prices rose almost 2%, hitting a one-week high, on Friday after weaker-than-expected U.S. payrolls data boosted Federal Reserve rate cut expectations and fresh tariff announcements spurred safe-haven demand. Spot gold reached its highest level since July 25, adding 1.8% to $3,350.67 per ounce as of 1135 a.m. ET (15:35 GMT), after rising as much as 2% earlier today. Bullion was up 0.4% so far this week.
According to Bahrain News Agency, U.S. gold futures experienced a rise of 1.6%, reaching $3,403. The increase in gold prices was accompanied by gains in other precious metals. Spot silver rose by 0.5% to $36.94 per ounce, platinum increased by 1.1% to $1,303.43, and palladium gained 1.2% to reach $1,205.58.
The rise in gold prices comes amid new economic data and geopolitical tensions. The weaker-than-expected U.S. payrolls data has contributed to speculation regarding potential interest rate cuts by the Federal Reserve, as investors seek refuge in safe-haven assets like gold. The fresh tariff announcements further fueled the demand for these assets, as market participants look to hedge against uncertainty.