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Gold prices rose at the beginning of trading today (Friday), heading towards the best weekly gains in three months, thanks to increasing expectations of a U.S. interest rate cut this month, while attention turns to the U.S. non-farm payroll data set to be released later today.

At the start of trading, gold in spot transactions advanced by 0.1% to reach $3550.41 per ounce, hovering near its all-time high of $3578.50, which it touched last (Wednesday).

U.S. gold futures for December delivery rose by 0.1% to $3609.10.

Data released yesterday (Thursday) showed that the number of Americans filing new unemployment claims rose more than expected last week, in line with weak labor market conditions.

Additionally, a report from the ADP Research Institute indicated that private sector jobs in the U.S. increased less than expected in August.

Several Federal Reserve officials stated this week that concerns about the labor market continue to bolster their expectations that an interest rate cut is imminent.