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Gold prices rose for a fourth straight session on Friday, buoyed by safe-haven sentiment after weak US data deepened concerns over economic growth, with eyes now turning to a jobs report that could signal further US rate cuts. Spot gold was up 0.3% at $1,508.64 an ounce at 0653 GMT, having climbed in the previous session to its highest since Sept. 25 at $1,518.50.

US gold futures were flat at $1,514.60. ANZ analyst Daniel Hynes said the disappointing economic indicators from the United States in recent days were supporting safe-haven buying. US services sector activity slowed to a three-year low in September amid rising concerns about tariffs, a survey showed on Thursday, following a sucession of poor economic data this week.

Focus now is on the US non-farm payrolls report due at 1230 GMT. "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," Hynes added.

Copyright Reuters, 2019


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