WASHINGTON (dpa-AFX) - Gold inched higher on Friday and was set for a weekly gain as the U.S. dollar faced a weekly loss due to signs of economic fragility and stalled trade negotiations.
Spot gold edged up by 0.1 percent to $3,35.43 per ounce in European trade while U.S. gold futures were up 0.3 percent at $3,383.65.
Gold prices were up more than 2 percent for the week following disappointing U.S. economic data and continued uncertainty surrounding ongoing trade discussions between Washington and Beijing.
U.S. President Donald Trump's phone call to his Chinese counterpart on Thursday left key issues unresolved, keeping investors on edge.
Meanwhile, a significant downside surprise in ADP's private payrolls, spiking layoffs and rising jobless claims have dampened expectations for the Labour Department's closely watched May employment report due later in the day.
Fed policymakers indicated on Thursday that inflation remains a greater concern than labor market cooling, suggesting a prolonged hold on monetary policy adjustments.
That said, investors are pinning hopes that softer employment data could open the door for the Federal Reserve to implement more than one rate cut before the end of the year.
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