Gold rose on Friday and was set for a weekly gain after four straight weeks of ​declines, as weak U.S. jobs data dampened expectations for a near-term Federal Reserve rate hike.

Spot gold was ​up 1.3% ​at $4,176.29 per ounce by 1006 GMT, after hitting its highest since June 23. Bullion held above its 21-day moving average and is up over 2% ⁠for the week so far.

U.S. gold futures for August delivery gained 1.53% to $4,188.80/oz.

Data on Thursday showedthat U.S. nonfarm payrolls rose by 57,000 last month, below the 110,000 expected by economists in a Reuters poll.

Gold's rally was driven by a sharp slowdown in ​U.S. hiring last ‌month and the ⁠immediate price reaction ⁠appears warranted for the time being as markets pare bets for a Fed rate hike ​in September, said Han Tan, chief market analyst at Bybit.

Traders ‌now see about a 54% chance of a ⁠rate increase in September, down from 66% before the data, according to the CME FedWatch tool.

Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold.

The U.S. dollar was on track for its biggest weekly loss since April following the jobs data, making greenback-priced bullion more affordable for holders of other currencies.

World Gold Council data on Thursday showed central banks added a net 41 metric tons of gold to reserves in May.

Central banks are still expected to remain ‌a demand pillar for spot prices over the longer term, although ⁠some have been selling their holdings recently to defend ​currencies, said Tan.

In physical markets, gold demand in India eased this week as prices rebounded, while buying interest in China improved slightly.

Among other metals, spot silver rose 2.6% to $62.58 per ​ounce, platinum gained ‌2.7% to $1,659.85, and palladium climbed 0.7% to $1,277.25.

All three metals were ⁠on track for weekly gains.