Gold jumps 6% for week, hits seven-week high above $4,285
Why it matters: Lower oil prices and softer inflation expectations lifted bullion as traders weighed the Fed path ahead of US payrolls data.
Gold climbed more than 1% on Friday and was headed for its biggest weekly gain since January, with spot prices reaching $4,285.89 an ounce after touching a seven-week high a day earlier. The metal was up about 6% for the week, while US gold futures rose to $4,344.90. Analysts cited weaker crude prices and easing inflation expectations tied to hopes for a Middle East peace deal, factors that can reduce pressure for higher US interest rates. Investors were also waiting for the US Labor Department’s July nonfarm payrolls report for fresh signals on the Federal Reserve’s next move. Silver, platinum and palladium also advanced and were set for weekly gains.