Gold prices surged to a six-week high following US employment data suggesting a slowdown in the labor market, which strengthened expectations for forthcoming interest rate cuts.

Bullion rose by 1.4% to $2,389.35 per ounce in New York by 1:30 p.m. on Friday, driven by reports from the US Bureau of Labor Statistics indicating subdued hiring and wage growth in June, alongside a slight increase in the unemployment rate.

Gold had traded within a narrow range over the past month but saw a 2.7% increase this week amid growing anticipation of a September rate cut.

Silver rose by 3.3%, while platinum and palladium also experienced gains, Bloomberg has reported.

Concurrently, the Bloomberg Dollar Spot Index and 10-year US Treasury yields were both poised for weekly declines.

Written by B.C. Begley