Mubasher: Gold prices rose on Friday, hovering close the highest level in two weeks above the $1,500 per ounce threshold, as soft economic figures from the US raised the speculation for another interest rate cut by the Federal Reserve next week, according to Reuters.

By 8:15 am GMT, spot gold ticked up by 0.05% to $1,504.68 per ounce, after hitting $1,504.86 per ounce, the highest since 10 October, while US gold futures rose by 0.21% to $1,507.90 per ounce.

The precious metal posted so far a gain of 1.1% during the week, and was on track to record the biggest since the week ending 20 August.

New orders placed with US-made capital goods manufacturers dropped by more than expected in September, while shipments also fell, which pointed to a still weak business investment amid the trade conflict with China.

“Gold still has a number of geopolitical uncertainties and a high chance of a Fed rate cut at the end of this month to get support from, but considering the Sino-US trade tensions are easing, any fresh positive development will weigh on prices,” Argonaut Securities analyst Helen Lau was quoted by Reuters.

In the UK, Prime Minister Boris Johnson called for general election on 12 December to resolve the Brexit deadlock, abandoning his “do or die” pledge to take the nation out of the European Union (EU) next week.

Asian stock markets were also a mixed bag on Friday as investors were cautious on making big wagers ahead of major central bank meetings next week amid global growth slowdown.

China’s net gold imports through Hong Kong dropped by 9% month-on-month last September, mainly due to weaker demand and the possibility of Beijing taking measures to boost the yuan (CNY).