Gold heads for first weekly rise in five on easing Fed rate hike bets

Spot gold rose 0.5% to $4,144.83/oz, heading for its first weekly gain in five weeks (+1.2%), driven by weaker-than-expected US nonfarm payrolls of 57,000 (vs 110,000 forecast) that tempered inflation and rate-hike concerns. CME FedWatch now prices a 54% chance of a September Fed rate hike, down from 66%. The World Gold Council reported central banks added a net 41 tons to gold reserves in May, while silver (+0.5%), platinum (+1.1%), and palladium (+0.2%) also posted weekly gains.