Gold prices climbed on Friday after recent data supported bets for a Federal Reserve interest rate cut next month, while market participants awaited the U.S. Producer Price Index report for further direction.
Spot gold rose 0.5% to $2,641.70 per ounce by 0245 GMT but was down about 0.4% for the week.
Data on Thursday showed that U.S. consumer prices rose slightly more than expected in September, while jobless claims increased to 258,000 in the week ended Oct. 5, versus estimates of 230,000.
"Gold is seeing short-term gains as recent data has been positive.
If the PPI data comes in softer, gold's momentum could continue upward," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
Persons:
Price, Kelvin Wong, OANDA's, CME's
Organizations:
Federal, PPI, Asia
Locations:
Tokyo, Japan, CME's FedWatch, Beirut