Gold Poised for Weekly Gain

Prices for gold firmed on Friday, and was poised for a weekly rise after U.S. data this week boosted interest rate cut hopes by the Federal Reserve, while silver hit a more than 13-year high.Spot gold was up 0.4% at $3,367.45 U.S. an ounce. Bullion has gained 2.4% for the week so far. U.S. gold futures climbed 0.5% to $3,390.70.U.S. President Donald Trump and Chinese leader Xi Jinping held a rare call 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.Markets are now eyeing the upcoming U.S. nonfarm payroll report, due at 1230 GMT, after a series of data releases this week signaled softness in the labor market.Economists polled by Reuters forecast nonfarm payrolls increased by 130,000 jobs in May, while the unemployment rate is expected to remain steady at 4.2%.Meanwhile, spot silver rose 0.2% to $36.23 U.S. per ounce, after hitting a more than 13-year high earlier in the session. Platinum rose 2.7% to $1,163.95 U.S., its highest level since March 2022. Palladium was up 1.4% at $1,019.62 U.S.