Investing.com– Gold prices rose slightly in Asian trade on Friday and headed for some weekly gains as heightened uncertainty over US interest rates and trade tariffs boosted demand for the safe haven. .

But the strength of the dollar, ahead of a key report on the labor market due later in the day, limited any major rise in gold, as did hawkish signals from the Federal Reserve.

rose 0.1% to $2,672.12 an ounce, while February expiration rose 0.2% to $2,695.74 an ounce at 23:58 ET (04:58 GMT).

Gold heads for weekly gains as rate, trade jitters prompt some haven demand

Spot prices traded around 1.5% this week, as rising economic uncertainty spurred some safe-haven demand for the yellow metal.

Markets are ahead of data for December, due later on Friday, which is likely to factor into the outlook for US rates.

Payrolls data consistently beat expectations last year, amid continued strength in the labor market. This trend gives the Fed more headroom to consider future rate cuts.

Minutes of the central bank’s December meeting showed this week that policymakers are wary of cutting interest rates, amid lingering inflation and signs of a strengthening labor market.

Fed officials are also seen expressing some concerns over inflationary pressures from protectionist and expansionary policies under President-elect Donald Trump. Uncertainty over his plans is expected to build before his inauguration on January 20.

Other precious metals rose on Friday. rose 0.9% to $993.20 an ounce, while rising 0.5% to $31.160 an ounce at 00:12 ET (05:12 GMT).

Copper upbeat in China stimulus hopes

Among industrial metals, copper prices extended gains as weak economic readings from top importer China continued to fuel bets that Beijing will further increase stimulus efforts in 2025. .

The London Metal Exchange benchmark rose 0.5% to $9,123.50 a ton, while March rose 0.5% to $4.3355 a pound.

China’s weak inflation data released on Thursday fueled bets that Beijing will be pushed to unleash more stimulus, particularly fiscal measures aimed at boosting private spending.

The threat of increased US trade tariffs is also expected to push Beijing to provide more stimulus to protect China’s economy, which is already facing years of slow growth.

China is the world’s largest importer of copper, and has become a major drag on copper prices amid concerns that the country’s demand will slow due to economic conflict.