U.S. payrolls report due at 1330 GMT
Cooling U.S. jobs data may boost gold to 2700, analyst says
Silver, platinum, palladium poised for weekly gains

Jan 10 Reuters Gold prices scaled a fourweek peak on Friday and were set for their best week in seven, driven by safehaven demand amid uncertainties over Presidentelect Donald Trump39;s policies, while markets awaited jobs data for clues on the trajectory of U.S. interest rates.

Spot gold climbed 0.4 to 2,679.91 per ounce, as of 0915 GMT after hitting its highest level since Dec. 13 earlier in the session. Prices have risen over 1 so far this week.

U.S. gold futures rose 0.6 to 2,705.90.

The most bullish outcome for gold is the preelection narrative of ballooning fiscal deficits and unsustainable debt weighing on the U.S. dollar in the longer term and causing doubts about its role as the worlds reserve currency, said Carsten Menke, analyst at Julius Baer.

Trump will take office on Jan. 20 and has vowed to implement tariffs, which could potentially ignite trade wars and inflation.

Bullion is considered a hedge against inflation but higher interest rates blunt its appeal as it yields no interest.

The shortterm focus is on the U.S. payrolls report due at 1330 GMT. According to a Reuters survey, nonfarm payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.

A strongerthanexpected NFP report that further dilutes expectations for Fed rate cuts in 2025 could prompt some…