Gold set for five-week high

Gold prices rose by more than 1% on Friday, heading towards its first weekly gain in five weeks, following weaker-than-expected U.S. employment data. This has led to a decline in expectations of a Federal Reserve interest rate hike. Spot gold traded at $4,179.42 per ounce, the highest since June 23, while futures for the same month rose to $4,191.90. The probability of a rate hike in September decreased to around 54% from 66%, driven by weak non-farm payrolls and private sector employment data.

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