Gold gains

Gold prices rose for a fourth straight session on Friday, buoyed by safe-haven sentiment after weak US data deepened concerns over economic growth, with eyes now turning to a jobs report that could signal further US rate cuts.

Spot gold was up 0,3 percent at $1 508,64 an ounce at 0653 GMT, having climbed in the previous session to its highest since September 25 at $1 518,50.

US gold futures were flat at $1 514,60.

ANZ analyst Daniel Hynes said the disappointing economic indicators from the United States in recent days were supporting safe-haven buying.

US services sector activity slowed to a three-year low in September amid rising concerns about tariffs, a survey showed on Thursday, following a succession of poor economic data this week. Focus now is on the US non-farm payrolls report due at 1230 GMT.

“If we see weaker than expected non-farm payroll data as well, that will support gold prices and the momentum will be pretty strong, provided it is backed up by Fed dovishness,” Hynes added.

Two US Federal Reserve policymakers on Thursday signalled they are open to delivering another rate cut, while vice chairman Richard Clarida said the central bank “will act as appropriate to sustain a low unemployment rate and solid growth and stable inflation”. — Reuters.

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