Gold prices rise ahead of US job data

Gold bars

Gold prices rose on Friday, thanks to a weaker dollar and increased demand for safe-haven assets amid escalating tensions in the Middle East and anticipation of US job data.

Spot gold prices increased by 0.41%, or $10.93, to $2,666.83 per ounce as of 9:07 am KSA time.

Gold futures for December delivery rose by 0.3% to $2,687.3 per ounce, on track for a slight weekly gain of 0.25%.

Data released yesterday by the US Department of Labor showed an increase in jobless claims to 225,000 last week, surpassing expectations of 220,000 claims.

The US Dollar Index, which measures the performance of the greenback against a basket of six major currencies, fell by 0.12% to 101 points, making gold less expensive for holders of other currencies.

Traders are awaiting the US jobs report, expected to show the addition of 147,000 jobs in September, with the unemployment rate remaining steady at 4.2%.