Gold Rises on Safe-Haven Demand, Focus on US Payrolls Data

Gold prices rose on Friday, supported by safe-haven demand arising from the Middle East conflict, while focus shifted towards US payrolls report to gauge the trajectory of the Federal Reserves policy path. Spot gold was up 0.3% at $2,662.50 per ounce, after climbing to a record high of $2,685.42/oz on Sept. 26. Bullion has gained 0.2% for the week. US gold futures edged 0.1% higher to $2,682.10 per ounce. The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders. Gold is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment. Spot silver rose 0.4% to $32.17, and has gained about 1.8% so far this week. Platinum climbed 1.1% to $1,001.79, and palladium advanced 1.4% to $1,013.46. Source: Qatar News Agency