Gold climbs, records 4% weekly gain

Gold bars

Gold prices rose on Friday, supported by hopes that the Federal Reserve will resume interest rate cuts following weaker-than-expected US jobs data, which also heightened concerns about a slowdown in the world’s largest economy.

Gold futures (Dec. delivery) gained 1.3% ($46.6) to $3,653.30 per ounce, marking a weekly gain of 4%.

The monthly jobs report showed the US economy added only 22,000 jobs in August, down from 79,000 in July, and well below expectations of 75,000.

This data reinforced expectations for a Fed rate cut at its upcoming September meeting, while also boosting safe-haven demand for gold amid concerns over the US labor market and broader economic outlook.