Gold closes higher, achieves 4% weekly gains

Gold bars

Gold prices rose on Friday, as investors assessed US jobs data that came in below expectations, alongside persistent global geopolitical uncertainty.

Gold futures for February delivery increased 0.90%, or $40.2, to $4,500.90 per ounce, boosting weekly gains to 3.95%.

This followed data showing that the US economy added 50,000 jobs in December, compared with expectations of 73,000, while the unemployment rate declined to 4.4%, according to the monthly jobs report released today.

Meanwhile, geopolitical tensions remained a key factor supporting gold and precious metal prices during the session, as investors monitored developments in the Middle East, the Caribbean region, and Eastern Europe.