Gold held gains that put it on track for its best week in a month, after fresh signs of a cooling US labor market prompted traders to curb bets on further monetary tightening.
The precious metal was steady after climbing 1.3% on Thursday following data that showed jobless claims rose the most since October 2021. That spurred swaps traders to wind back wagers on an interest-rate hike by the Federal Reserve in coming months, with lower rates typically beneficial for non-interest-bearing gold.
The dollar extended a drop following Thursday's print and Treasury yields fell, which also boosted bullion.
Inflation data due next week will be closely watched by investors trying to anticipate the Fed's next move.
Spot gold was steady at $1,965 an ounce as of 1:47 p.m. in Singapore, and was up 0.9% for the week. The Bloomberg Dollar Spot Index was little changed. Silver, platinum and palladium all rose.
Source : Bloomberg
