June 6 (Reuters) - Gold firmed on Friday and was poised for a weekly rise after U.S. data this week boosted hopes of interest rate cuts by the Federal Reserve, while silver hit a more than 13-year high.
Spot gold was up 0.2% at $3,359.26 an ounce, as of 1151 GMT. Bullion has gained 2.1% for the week so far.
U.S. gold futures climbed 0.2% to $3,382.70.
"The disappointing jobless claims data, indicating potential labour market weakness, has had a more substantial impact on gold prices than the optimism stemming from President Trump's call with President Xi," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
U.S. President Donald Trump and Chinese leader Xi Jinping held a rare call on Thursday amid trade tensions and a dispute over critical minerals.
The number of Americans filing new applications for unemployment benefits increased to a seven-month high last week, the Labor Department showed Thursday.
Markets are now eyeing the upcoming U.S. non-farm payroll report, due at 1230 GMT, after a series of data releases this week signalled softness in the labour market.
Economists polled by Reuters forecast non-farm payrolls increased by 130,000 jobs in May, while the unemployment rate is expected to remain steady at 4.2%.
"A softening U.S. labour market would likely increase pressure on the Fed to ease monetary policy, especially if payrolls disappoint," Zumpfe added.
Gold, traditionally considered a safe-haven asset during political and economic uncertainty, tends to thrive in a low-rate environment.
Meanwhile, spot silver fell 0.1% to $36.11 per ounce, after hitting a more than 13-year high earlier in the session, propelled by robust industrial demand and ongoing supply deficits.
Platinum rose 2.4% to $1,157.11, its highest level since March 2022, while palladium was up 1.5% at $1,020.75.
Gold is struggling really to break higher in the short term, driving investors toward undervalued silver and platinum, said Ole Hansen, head of commodity strategy at Saxo Bank.
Reporting by Anushree Mukherjee and Anmol Choubey in Bengaluru; Editing by David Evans
