The price of gold rose on Friday after recent data supported bets for a cut in Federal Reserve interest rates next month, while market participants awaited the US Producer Price Index (PPI) report for more direction.

Spot gold rose 0.5% to $2,641.70 per ounce at 0245 GMT, but was down 0.4% for the week. Prices hit a record $2,685.42 last month. American gold futures gained 0.7% to $2,658.90

Data on Thursday showed that American consumer prices rose slightly more than expected in September, while unemployment claims rose to 258,000 in the week ending October 5, up from estimates of 230,000. All eyes are now on the IPP data expected at 1230 GMT

Among other metals, spot silver rose 0.2% to $31.25 per ounce and platinum rose 0.9% to $975.65 per ounce. Both metals were heading for weekly declines

Palladium rose 1.2% to $1,082.07 per ounce and rose 1% over the week.