Gold prices rose on Friday, as recent soft United States economic data overshadowed initial optimism sparked by a call between President Donald Trump and his Chinese counterpart Xi Jinping.
Spot gold saw a 0.3% increase, reaching US$3,363.33 per ounce (oz), marking a 2.3% gain for the week. U.S. gold futures also climbed 0.4% to US$3,387/oz.
The rare leader-to-leader call between Trump and Xi on Thursday addressed escalating trade tensions and disputes over critical minerals, though many key issues reportedly remain unresolved," KCM Trade chief market analyst Tim Waterer said.
"Some of the initial enthusiasm for risk appetite following the Trump-Xi call has started to wear off, which has enabled gold to creep higher."
Americans filing new unemployment benefits applications reached a seven-month high last week.
Economists polled by Reuters forecast nonfarm payrolls to increase by 130,000 jobs in May, with the unemployment rate expected to hold steady at 4.2%.
The World Gold Council also reported that physically backed gold exchange-traded funds (ETFs) recorded inflows in May, breaking a 12-month losing streak. This inflow, along with the rising gold price, pushed the ETFs' total assets under management 2% higher to US$234 billion - the highest since April 2022.