Mubasher: Gold prices rose on Friday, boosted by safe-haven demand after disappointing US figures further fuelled worries over economic growth, with focus turning to US jobs report that could build a case for the Federal Reserve to cut rates, according to Reuters.

By 8:27 am GMT, spot gold rose by 0.22% to $1,508.50 per ounce, having advanced in the preceding session to $1,518.50 per ounce, its highest since 25 September, while US gold futures ticked up by 0.07% to $1,514.80 per ounce.

US services sector activity grew at the slowest pace since three years last September amid mounting worries about tariffs, a survey report showed on Thursday, the latest of a string of weak economic figures this week.

In the meantime, market participants’ focus turned to the US non-farm payrolls report due later in the day.

“If we see weaker than expected non-farm payroll data as well, that will support gold prices and the momentum will be pretty strong, provided it is backed up by Fed dovishness,” Australia and New Zealand (ANZ) analyst Daniel Hynes was quoted by Reuters.

This came as two Federal Reserve policymakers on Thursday hinted that they are open for a rate cut move.

Meanwhile, Fed’s Vice Chairman Richard Clarida said that the central bank would “act as appropriate to sustain a low unemployment rate and solid growth and stable inflation.”

On the trade front, new US tariffs of 25% on Italian cheese, French wine and other European food products are expected to push prices higher ahead of the holiday season and cost US jobs, trade groups warned on Thursday.