Gold prices are set to record their best weekly gains in three months…

Gold prices rose today, Friday, heading for their best weekly gains in three months thanks to increasing expectations of a US interest rate cut this month, while attention turns to the US nonfarm payroll data to be released later today.

As of 00:57 GMT, spot gold advanced 0.1 percent to $3550.41 per ounce, hovering near its all-time high of $3578.50 touched on Wednesday.

The metal has gained 3 percent so far this week.

US December gold futures rose 0.1 percent to $3609.10.

Data released Thursday showed that the number of Americans filing new claims for unemployment benefits rose more than expected last week, consistent with a weak labor market.

Additionally, the employment report from ADP Research Institute showed that US private sector jobs increased less than expected in August.

Several Federal Reserve officials said this week that concerns about the labor market continue to support their expectations of an imminent rate cut.

According to the FedWatch tool from CME Group, traders currently expect almost a 100 percent chance of a 25 basis point rate cut this month.

Gold, which yields no interest, usually thrives in a low interest rate environment.

Focus will also be on US nonfarm payroll data, scheduled for release at 12:30 GMT, which may provide further clues on the interest rate path.

A Reuters poll expects nonfarm payroll growth of 78,000 jobs in August, compared to 73,000 in July.

As for other precious metals, spot silver rose 0.1 percent to $40.70 per ounce. Platinum gained 1.1 percent to $1382.18, and palladium advanced 0.1 percent to $1129.12.