Gold narrowed its decline this week as weak employment data boosted expectations of a Fed rate cut.

Gold rose, with traders increasing their bets on loose monetary policy after a weak U.S. jobs report, narrowing the decline in gold prices this week. U.S. employers unexpectedly cut jobs in February and the unemployment rate rose, indicating that the labor market, which was expected to be stable, remains fragile. Traders are currently betting that the Federal Reserve will cut interest rates by 44 basis points this year, with the next action expected in September. This is higher than the previously expected 35 basis points before the employment report was released. Gold prices rose 1.5% to $5,159.04 per ounce, narrowing the weekly decline to 2.3%. Due to the surge in oil prices and increased inflation concerns caused by the Middle East conflict, as well as the strength of the U.S. dollar, gold faced pressure this week. As global stock markets deepen their decline, gold has become a source of liquidity. As of 23:46 Beijing time, spot gold rose 1.4% to $5,152.01 per ounce. Silver rose 2.5% to $84.33. Platinum rose, while palladium remained relatively stable.