Amman- Gold prices rose Friday as the dollar weakened following private sector reports pointing to weakness in the US labor market, boosting expectations for another interest rate cut.
Spot gold increased 0.4% to $3,994.03 per ounce by 0341 GMT. However, the metal is heading for a weekly loss of 0.3%. Gold has fallen about 8% since hitting its all-time high of $4,381.21 on October 20.
US gold futures for December delivery rose 0.3% to $4,004.40 per ounce.
Data on Thursday showed the US economy lost jobs in October in government and retail sectors. Cost-cutting measures and corporate adoption of artificial intelligence led to a rise in announced layoffs.
The dollar declined as investors, lacking official US jobs data, focused on signs of weakness from private-sector surveys.
Weak labor market data typically increases the likelihood of interest rate cuts.
Among other precious metals, spot silver rose 0.7% to $48.31 per ounce but was set for a 0.7% weekly loss. Platinum fell 0.4% to $1,534.21, heading for a roughly 2% weekly decline. Palladium added 0.3% to $1,379.33, set for a 0.5% weekly gain.
Amman- Gold prices rose Friday as the dollar weakened following private sector reports pointing to weakness in the US labor market, boosting expectations for another interest rate cut.
Spot gold increased 0.4% to $3,994.03 per ounce by 0341 GMT. However, the metal is heading for a weekly loss of 0.3%. Gold has fallen about 8% since hitting its all-time high of $4,381.21 on October 20.
US gold futures for December delivery rose 0.3% to $4,004.40 per ounce.
Data on Thursday showed the US economy lost jobs in October in government and retail sectors. Cost-cutting measures and corporate adoption of artificial intelligence led to a rise in announced layoffs.
The dollar declined as investors, lacking official US jobs data, focused on signs of weakness from private-sector surveys.
Weak labor market data typically increases the likelihood of interest rate cuts.
Among other precious metals, spot silver rose 0.7% to $48.31 per ounce but was set for a 0.7% weekly loss. Platinum fell 0.4% to $1,534.21, heading for a roughly 2% weekly decline. Palladium added 0.3% to $1,379.33, set for a 0.5% weekly gain.
Amman- Gold prices rose Friday as the dollar weakened following private sector reports pointing to weakness in the US labor market, boosting expectations for another interest rate cut.
Spot gold increased 0.4% to $3,994.03 per ounce by 0341 GMT. However, the metal is heading for a weekly loss of 0.3%. Gold has fallen about 8% since hitting its all-time high of $4,381.21 on October 20.
US gold futures for December delivery rose 0.3% to $4,004.40 per ounce.
Data on Thursday showed the US economy lost jobs in October in government and retail sectors. Cost-cutting measures and corporate adoption of artificial intelligence led to a rise in announced layoffs.
The dollar declined as investors, lacking official US jobs data, focused on signs of weakness from private-sector surveys.
Weak labor market data typically increases the likelihood of interest rate cuts.
Among other precious metals, spot silver rose 0.7% to $48.31 per ounce but was set for a 0.7% weekly loss. Platinum fell 0.4% to $1,534.21, heading for a roughly 2% weekly decline. Palladium added 0.3% to $1,379.33, set for a 0.5% weekly gain.
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Gold rises amid weak US jobs data
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