WASHINGTON (dpa-AFX) - Gold edged higher on Friday and hovered near record levels hit earlier in the week amid mounting concerns over a weakening U.S. labor market.
Spot gold traded up 0.3 percent at $3,646.07 an ounce in European trade, after having reached a new record high of 3,673.95 early in the week. U.S. gold futures were up 0.3 percent at $3,684.32.
Bullion has gained 1.6 percent so far this week and was set for its fourth straight weekly gain as investors braced for a Federal Reserve interest-rate cut at the next policy meeting.
The dollar regained some ground but still headed for a weekly drop as in-line U.S. consumer price inflation and weak labor market data bolstered bets for interest-rate cuts.
Treasury yields pulled back, with the average rate on a 30-year U.S. mortgage falling to its lowest level in nearly a year, as investors factored in a 25-bps rate cut by the Federal Reserve to 4.00-4.25 percent next week.
Traders also ramped up bets for 125 bps of rate cuts over the next five FOMC meetings to support a deteriorating job market.
The U.S. economic calendar remains light today, with trading in the New York session likely to be impacted by reaction to the University of Michigan's preliminary report on consumer sentiment for September, which includes reading on consumers' inflation expectations.
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