Gold price gained on Friday. Spot gold was up 0.2 per cent at $3,359.26 an ounce. Bullion has gained 2.1 per cent for the week so far. U.S. gold futures climbed 0.2 per cent to $3,382.70. Gold rate was poised for a weekly rise after U.S. data this week boosted hopes of interest rate cuts by the Federal Reserve, while silver hit a more than 13-year high.

"The disappointing jobless claims data, indicating potential labour market weakness, has had a more substantial impact on gold prices than the optimism stemming from President Trump's call with President Xi," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

U.S. President Donald Trump and Chinese leader Xi Jinping held a rare call on Thursday amid trade tensions and a dispute over critical minerals. The number of Americans filing new applications for unemployment benefits increased to a seven-month high last week, the Labor Department showed Thursday.

Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment.

Gold is struggling really to break higher in the short term, driving investors toward undervalued silver and platinum, said Ole Hansen, head of commodity strategy at Saxo Bank.

FAQs

Q1. How does Gold perform?
A1. Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment.

Q2. Who is President of USA?
A2. President of USA is Donald Trump.