Gold Heads for Best Weekly Gain Since January

Gold prices steadied on Friday, on track for their biggest weekly gain since January, supported by lower oil prices, while investors awaited US nonfarm payrolls data. Spot gold was steady at $4,235.57 an ounce, heading for a 4.8% weekly gain, while US gold futures fell 0.1% to $4,293.80. Trump said the war with Iran would end soon.

Gold prices steadied on Friday, on track for their biggest weekly gain since January, supported by lower oil prices, while investors awaited US nonfarm payrolls data for clues on interest rate expectations. By 0045 GMT, spot gold was little changed at $4,235.57 an ounce, but was up 4.8% for the week. US gold futures fell 0.1% to $4,293.80. US President Donald Trump told reporters he believed the war with Iran would end soon, and noted that the armed forces face problems with supplies of some weapons. Oil prices are heading for a weekly loss, and lower energy prices help ease inflation concerns and reduce expectations that interest rates will stay higher for longer. Gold is a hedge against inflation, but higher interest rates usually reduce its appeal because it yields no interest. Traders are waiting for the US jobs report for July, due from the Labor Department at 1230 GMT.

Gold Heads for Best Weekly Gain Since January