Gold prices rose sharply last week, supported by the momentum generated by weak US jobs data this week, which boosted expectations that the US Federal Reserve will cut interest rates.
Price movements
Over the past week, spot gold rose 2.55 percent to $2,360.50 per ounce.
June gold futures rose 2.9 percent to $2,375 an ounce.
Gold prices rose over the past week after data showed that the number of Americans filing new applications for unemployment benefits increased more than expected last week.
Investors are now awaiting the US Producer Price Index (PPI) and Consumer Price Index (CPI) data next week, both of which could impact gold and silver prices.
Data from the University of Michigan in the United States revealed that the consumer confidence index fell by 12.7 percent on a monthly basis to 67.4 points in the preliminary reading for May, compared to expectations of 76.3 points, while the current economic situation index fell by 12.9 percent on a monthly basis to 68.8 points.
