Gold gains as dollar weakens, US rate-cut bets grow


A worker displays a one kilogram gold bullion bar at the ABC Refinery in Sydney on August 5, 2020. (Photo by DAVID GRAY/ AFP)

Gold rose on Friday as the dollar slid after U.S. private-sector job reports signalled weakness in the country's labour market and lifted expectations of another U.S. interest rate cut, while a prolonged government shutdown also boosted safe-haven demand.

Spot gold was up 0.7% at $4,005.53 per ounce, as of 0702 GMT, set for a weekly gain of 0.1%. Bullion has fallen 8% since hitting a record high of $4,381.21 on October 20.

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