Gold prices inched up on Friday and were heading for their seventh consecutive weekly gain, with investors waiting for U.S. non-farm payrolls data later in the day for clues on the outlook for interest rate cuts.
Spot gold was up 0.2% at $1,417.40 per ounce as of 01:19 GMT. Prices touched $1,435.99 on Wednesday, the highest since June 25. The metal has risen 0.7% so far this week and is on track for its seventh consecutive weekly rise. U.S. gold futures were down 0.1% at $1,419.90 an ounce.
All eyes are on U.S. non-farm payrolls, due later in the day, which are expected to have jumped by 160,000 in June compared with 75,000 in May.
The U.S. Federal Reserve holds its two-day policy meeting on July 30-31 and futures are fully pricing in a 25-basis-point cut.
Source : Reuters