Gold poised for first weekly gain in five weeks

Gold prices rose by more than 1% today, marking their first weekly gain in five weeks, due to decreased expectations of an American interest rate hike following weaker-than-expected job data. Spot gold traded at $4,179.94 per ounce, while futures increased to $4,193.20, supported by a decline in the dollar which boosted demand for the metal. Other precious metals also saw gains. According to market observers, gold prices may decline again if the likelihood of future rate hikes persists.

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