Spot gold climbed as much as 1.7 per cent in early trading, and was also supported by a landslide election victory for incumbent Japanese Prime Minister Sanae Takaichi
Traders will look for cues from US GDP, PMI, non-farm payroll and inflation data. Also, inflation readings from China, Germany, and India will also be keenly watched
Domestic gold prices were trading around ₹150,000 per 10 grams on Friday, after hitting a record high of ₹180,779 last week before sliding to as low as ₹133,687 this week
In geopolitical news, the White House said that diplomacy is President Donald Trump's first choice for dealing with Iran and he will wait to see whether a deal can be struck at high-stakes talks
The surge of precious metals came to a sudden halt at the end of last week, with silver seeing its biggest ever daily drop on Friday and gold plunging the most since 2013
Goldman Sachs said on Wednesday that it saw significant upside risk to its $5,400 year-end forecast for gold on central banks maintaining their recent pace of accumulation
Oil dropped sharply from the previous sessions, when Brent touched a six-month high and WTI was hovering near its highest since late September on mounting tensions between the United States and Iran
