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Gold hit a five-month high on Friday, with the US dollar's lower-than-expected employment data in the United States, and the market expecting the Federal Reserve to slow interest rate hikes next year.
Spot gold rose 0.8% to $1,247.47 an ounce at 1846 GMT, earlier hitting the highest level since July 13 at $1,247.30.
Gold prices rose more than 2% this week, recording their best weekly performance since March 23.
U.S. futures closed up 0.72% at $1,252.6 an ounce.
"Non-farm employment figures are lower than expected. This is a negative option, which is leading to more hedging with gold, and short positions may be replenished and market bulls increased, "said Miguel Perez-Santalla, Vice President of Heraeus Metal Management.
The dollar fell against a basket of currencies on Friday after data showed a slowdown in employment growth and lower-than-expected monthly wage growth in November, suggesting a slowdown in economic activity.
"The weak employment report reinforces the notion that we may have seen the job market peaking... So I think the December rate hike is a foregone conclusion, but the rate hike in 2019 is still pending," said Tai Wong, head of metal trading at Bank of Montreal.
Interest rate futures suggest that traders do not expect the Fed to raise interest rates more than once next year, as previously expected.
Spot palladium and gold rose 0.8% to $1,218.80 an ounce, the second consecutive week of growth.


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