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Investing.com-- Gold prices rose in Asian trading on Friday, hovering just below record highs, as signs of a cooling U.S. labour market reinforced bets on a Federal Reserve rate cut next week despite slightly stronger inflation data.
Spot gold was up 0.5% at $3,652.257 per ounce by 01:51 ET (05:51 GMT), not far from the all-time high of $3,673.95 touched earlier this week.
U.S. Gold Futures expiring in December also climbed 0.5% to $3,692.52/oz.
Bullion was set to rise 2% this week, heading for its fourth consecutive weekly jump. The metal has gained nearly 40% year-to-date.
Fed rate cut bets remain firm; traders assess US CPI, jobs data
Data on Thursday showed that U.S. consumer prices rose 0.4% in August, lifting annual inflation to 2.9%, the highest in seven months.
But the labour market showed further signs of weakness, with weekly jobless claims climbing to their highest in nearly four years and payroll growth slowing.
Markets grew more confident of imminent policy easing after weaker-than-expected U.S. producer price data and large revisions to official jobs figures reinforced signs of a cooling labour market.
Markets now see almost a full chance of a cut at the Sept. 16-17 policy meeting, with some investors betting on a more aggressive easing path.
A softer dollar and lower U.S. Treasury yields added support, reducing the opportunity cost of holding bullion.
Central bank buying and safe-haven demand have also strengthened gold’s outlook amid trade uncertainties over President Donald Trump’s tariff announcements.
Metal markets rise, copper gains on Freeport mine suspension
Other precious metals also gained on Friday. Silver Futures jumped 1.5% to $42.79 per ounce, holding at its highest level in nearly 14 years.
Platinum Futures rose 1% to $1,406.85/oz.
Benchmark Copper Futures on the London Metal Exchange gained 0.4% to $10,106.35 a ton, their highest level in six months.
U.S. Comex Copper Futures advanced 0.5% to $4.69 a pound, a one-month high.
Copper gains were supported after major producer Freeport-McMoran (NYSE:FCX) said its Grasberg mine in Indonesia will remain suspended amid attempts to rescue seven missing workers.