Gold Price Rises to $4179 per Ounce

Gold prices increased by more than one percent on Friday, moving toward their first weekly gain in five weeks as investor expectations for a Federal Reserve interest rate hike declined following weaker-than-expected US employment data.

In spot trading, gold rose 1.4 percent to $4179.94 per ounce by 0235 GMT, reaching its highest level since June 23. Meanwhile, US gold futures for August delivery increased 1.6 percent to $4193.20.

The precious metal is on track to record a weekly gain of 2.3 percent, marking its first increase since the week starting May 25, as softer-than-anticipated nonfarm payroll and private sector job data eased inflation concerns.

The US dollar is also set for a weekly decline, making dollar-priced gold less expensive for holders of other currencies.