Spot gold was 0.3% higher at $2 363.67 an ounce at 1:30 p.m. in Singapore.
Gold headed for a back-to-back weekly gain on expectations that the Federal Reserve will trim interest rates before year-end, with traders looking ahead to US payrolls data for the next batch of clues on the outlook. Bullion for immediate delivery traded above $2 363 an ounce after rising by more than 1% this week. Silver has also benefited from the upswing, advancing back toward $31 an ounce.
Reports on Wednesday showed the American services sector contracted at the fastest pace in four years, while the labour market saw further signs of softening. If inflation continues to trend lower, the slowdown could allow the Fed to reduce borrowing costs, aiding gold as it doesn’t pay interest. Gold’s push higher this week extends a run of three quarterly gains, with prices hitting a record in May. The rally has been driven by hefty central-bank purchases and geopolitical tensions.
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