Gold prices are expected to record their biggest weekly increase since January this year. Weakening oil prices provide support for gold prices, while investors are waiting for US non-farm payrolls data to find clues about the future of US interest rates. Matt Simpson, senior analyst at StoneX, said that improved prospects for peace in the Middle East have lowered market inflation expectations, driving the price of gold to rise further from the consolidation range that had continued for several weeks and was above $4,000. The US Department of Labor will release the non-farm payrolls report tonight. Simpson added: “Regardless of the non-farm payrolls data, $4,000 has proven to be a solid support level — I doubt the bulls are waiting for a pullback to seize the opportunity to push the price of gold back to $4,600. Non-farm payrolls data may cause some fluctuations in the short term, but the price trend has shown the direction, and gold seems to want to rise.”

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