Gold prices rose on Friday, heading for their best weekly gains in three months, boosted by growing expectations of a US interest rate cut this month, while attention turns to the US non-farm payroll data to be released later today.

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

The metal has gained 3% so far this week.

US gold futures for December delivery rose 0.1% to $3609.10.

Data released Thursday showed that new US unemployment claims rose more than expected last week, consistent with a weak labor market.

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

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

According to CME’s FedWatch tool, traders currently price in nearly a 100% chance of a 25 basis point rate cut this month.

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

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

A Reuters survey expects non-farm payrolls to grow by 78,000 jobs in August, compared to 73,000 in July.

Other precious metals saw gains as well, with spot silver up 0.1% to $40.70 per ounce, platinum gaining 1.1% to $1382.18, and palladium rising 0.1% to $1129.12.