The Fed attacks at interest rates and tensions in the Middle East

The price of gold reached its highest level in a week on Friday, supported by weak US economic data that support the Federal Reserve's expectations of lower interest rates.

Investors were also closely monitoring tensions in the Middle East after oil tanker attacks had heightened tensions between the United States and Iran and raised concerns over supply flows through one of the main routes of trade. circulation of the world.

Demand for gold often rises in times of political or economic uncertainty as it is widely considered a safe haven badet.

Spot gold was up 0.1% at $ 1,342.69 at 10:04 GMT, after reaching its highest level since June 7 at $ 1,344.94.

US gold futures advanced 0.3% to $ 1,347.20 per ounce.

The number of Americans filing jobless claims unexpectedly rose last week, which heightened worries about the US job market after the marked slowdown in job growth in May .

Other data showed that US import prices fell as much as five months in May, according to the latest indications of lower inflationary pressure, adding to expectations that the Fed will lower rates this year.

The expected rise in interest rate cuts has resulted in lower short-term yields on US Treasury bonds on Thursday, accentuating the yield curve ahead of Friday's retail sales figures and the Fed meeting next week.

The United States blamed Iran for Thursday's attacks on two oilmen in the Gulf of Oman, which raised oil prices and raised fears of a new US-Iranian clash, but Tehran has categorically denied these accusations.

Senior economic adviser to President Donald Trump said the economic burden of a trade war between the world's two largest economies would be shifted to China rather than to the United States.

Meanwhile, the Chinese Ministry of Commerce said that Beijing would not yield to any "maximum pressure" from Washington and that any attempt by the United States to force China to accept a trade deal will fail.

The dollar index, which follows the greenback against six major currencies, remained stable on Friday.

Asian stocks maintained their position Friday after the Wall Street gain.