Gold heads for weekly gains with anticipation of US data

Gold prices rose today, Friday, heading for weekly gains, while traders awaited US jobs data in order to obtain indications about the Federal Reserve’s path to reducing interest rates.

According to Reuters, gold rose in instant transactions by 0.1% to $2,358.14 per ounce. It rose by more than 1% during the week. As for US gold futures, they fell 0.1% to $2,366.30.

Economic data on Wednesday indicated a slowdown in the US economy. A separate report showed an increase in the number of Americans filing new claims for unemployment benefits last week.

Traders currently expect about 73% of the US interest rate to be cut in September, according to CME’s FedWatch tool.

According to the minutes of the Federal Reserve’s June meeting, officials advised a wait-and-see approach before cutting interest rates.