Gold rallied above $3,415 per ounce, its highest in five weeks, as dollar weakness and safe-haven demand boosted prices. Concerns over Fed independence, underscored by Governor Lisa Cook’s legal challenge to her dismissal, added to dovish expectations. While jobless claims came in slightly lower, signs of labor market softening reinforced bets on Fed easing, supporting bullion’s momentum.

The US Dollar Index steadied near 97.9 on Friday after a sharp monthly drop, with markets awaiting the July PCE price index for policy signals. Core PCE is expected to climb 2.9% yearly, the fastest in five months, while revised Q2 GDP showed stronger growth driven by trade and business investment.

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