Gold prices rose almost 2%, hitting a one-week high, on Friday after weaker-than-expected U.S. payrolls data boosted Federal Reserve rate cut expectations and fresh tariff announcements spurred safe-haven demand.

Gold prices declined by 1% on Wednesday as solid US economic data reinforced expectations of the Federal Reserve holding interest rates steady for now, dimming the appeal of the safe-haven metal. By midday ET, spot gold traded at $3,292.75 per ounce, falling below the $3,300-an-ounce level for the first time in a month.