Gold extends rally to eight straight session
Gold set for best week in 5 months
Eyes on U.S. jobs data due at 1330 GMT

March 8 Reuters Gold prices hit record highs for a fourth consecutive session on Friday on growing speculations over June interest rate cuts ahead of key U.S. jobs data due later in the day.

Spot gold rose 0.3 to 2,165.1 per ounce as of 1300 GMT, while U.S. gold futures added 0.3 to 2,172.40.

Gold reached a new alltime high of 2,170.99 earlier in the session and has gained more than 4.1 so far this week, setting it on track to post its biggest weekly percentage increase since midOctober.

I think a lot of the demand that we39;ve seen coming from is really in the paper market. It39;s just speculative demand, said Michael Widmer, Bank of America39;s head of Metals Research.

You always had good support from Chinese buying and central bank buying. But that was never enough to take prices high.

Gold first surpassed its December peak on Tuesday, primarily aided by growing indications of cooling price pressures and bullion39;s traditional safehaven cachet.

The focus today is on the critical U.S. nonfarm payroll data set to release at 1330 GMT, which will guide market direction in the near term.

Low interest rates are gold supportive as they reduce the opportunity cost of holding bullion.

The surge in gold prices could dampen consumption during the wedding season in India, but top buyer China will see robust safehaven demand this year, analysts and…