Gold tops $5,000, records weekly gains

Spot gold gains 0.8% to $4,961.22 per ounce.

Gold and silver prices rose on Friday, recording weekly gains as expectations grew that the Federal Reserve will cut interest rates this year following slower inflation in January.

April gold futures climbed 2%, or $97.90, to $5,046.30 an ounce, up 1.34% on the week.

February silver futures rose 3%, or $2.30, to $77.851 an ounce, posting weekly gains of 1.45%.

This came after data showed annual US consumer inflation slowed to 2.4% in January from 2.7% in December, below expectations of a decline to 2.5%.

Precious metals had faced pressure earlier in the week amid price volatility driven by speculative trading, alongside a batch of data pointing to resilience in the US labor market, which tempered hopes of a renewed easing cycle by the Federal Reserve.