Gold Prices Climb as Dollar Weakens

The gold market experienced an increase today, Friday, against the backdrop of the falling dollar. This movement follows reports from the private sector indicating a weakness in the U.S. job market, which has strengthened expectations for another interest rate cut.

Gold's spot price rose by 0.4 percent to $3994.03 per ounce by 0341 GMT, although the metal is still on track for a weekly loss of 0.3 percent. Since reaching its all-time high at $4381.21 on October 20th, gold has declined by about eight percent.

In the futures market, U.S. gold futures for December delivery rose by 0.3 percent, reaching $4004.40 per ounce. Meanwhile, among other precious metals, silver climbed by 0.7 percent to $48.31 per ounce, but it is expected to face a weekly loss of 0.7 percent.

In contrast, platinum saw a decline of 0.4 percent, bringing the price to $1534.21, aligning with an expected weekly drop of around two percent. Conversely, palladium managed to gain 0.3 percent, reaching a price of $1379.33, and is set to enjoy a weekly gain of 0.5 percent.