Gold heads for first weekly rise in five on easing Fed rate hike bets

Gold rose on Friday and was headed for its first weekly gain in five, as investors dialled back expectations of Federal ​Reserve interest rate hikes following softer-than-expected US jobs data. Spot gold was up 0.5% to $4,144.83 per ounce, as of 0052 GMT, rising to its highest level since June 23. US gold futures for August delivery ​gained 0.8% to $4,157.50. Bullion was on track for a weekly ​gain of 1.2%, its first since May 25, as ⁠weaker-than-expected nonfarm payrolls and private payrolls data tempered concerns around inflation and ​higher-for-longer interest rates. Nonfarm payrolls increased by 57,000 jobs last month, the ​Labor Department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls advancing 110,000.