Washington, Aug. 7 (SANA) Gold prices rose on Friday, putting the metal on track for its biggest weekly gain since January amid lower oil prices and easing inflation expectations, as investors awaited US non-farm payrolls data for indications about the future path of interest rates.
Spot gold increased 0.6 percent to $4,262.39 per ounce after reaching a seven-week high on Thursday, recording gains of more than 5 percent since the beginning of the week. US gold futures rose 0.5 percent to $4,321.50 per ounce.
Analysts attributed the rise in gold prices to easing inflation concerns following lower energy prices, while noting that lower interest rates increase the appeal of gold as a safe-haven asset.
Traders are awaiting the US jobs report for July, with expectations that labor market data will influence Federal Reserve decisions on interest rates.
Among other precious metals, silver rose 1.3 percent to $62.27 per ounce, platinum increased 0.5 percent to $1,737.25, while palladium declined 0.2 percent to $1,368.37.
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