Gold rises, on track for weekly gain

Gold prices rose on Friday and were on track for a weekly gain, supported by safe-haven demand and the possibility of a Federal Reserve interest rate cut in September, while market participants awaited U.S. jobs data.

Spot gold was up 0.7% at $2,463.48 an ounce by 0643 GMT, just $20 below a record high of $2,483.60 in July. Prices have risen more than 3% this week.

U.S. gold futures rose 1.1% to $2,507.80, according to Reuters.

Investors are awaiting the U.S. jobs report due at 1230 GMT for further clues on the path of monetary policy.