Gold prices set for sixth straight weekly gain ahead of jobs data

Gold bars

Gold prices rose on Friday, trading near their highest ever levels. They are set to record sixth straight weekly gains amid strong demand for safe-haven assets.

Gold futures for April delivery increased 0.39%, or $11.3, to 2,888 per ounce at 10:43 am Makkah time, with a weekly gain of 1.9% so far.

Gold spot prices also rose 0.27% to $2,864.26 per ounce.

Meanwhile, silver futures for March delivery added 0.36% to $32.745. Platinum spot prices were up 0.20% to $991.90.

Goldman Sachs said they see upside risk to their $3,000 target from a potentially persistent boost from elevated U.S. policy uncertainty to central bank and investor hedging demand.

Investors are closely watching the US monthly jobs report set to be released today. The world's largest economy will likely add 170,000 jobs in January, compared to 256,000 in December, signaling a potential slowdown in the US labor market.