Gold prices rose for four consecutive weeks, with the market expecting the Federal Reserve to cut interest rates

Gold prices rose on Friday and are expected to close higher for the fourth consecutive week as doubts about weak U.S. labor market overshadowed inflation concerns. The market generally expects the Federal Reserve to cut interest rates next week.

Spot gold has risen about 1.8% so far this week. OANDA senior market analyst Kelvin Wong said the market believes that the possibility of at least three interest rate cuts before the end of 2025 is high, which will help gold prices.

Ryan McIntyre, managing partner of Sprott Inc., said that gold prices are not far from $3,700, and there is resistance in the short term around $3,900, but in the long run, most institutions may still be under-equipped gold.