Gold prices rallied sharply on Friday, putting the precious metal on track for its strongest weekly performance since late January as a weaker U.S. dollar, lower oil prices and softer Federal Reserve rate hike expectations boosted demand. Spot gold climbed 2.4% to $4,343.46 per ounce, while U.S. gold futures gained a similar 2.4% to $4,402.67 per ounce. Weak payroll figures prompted traders to reduce expectations that the Federal Reserve will raise interest rates at its September meeting. Lower interest rate expectations generally support gold because bullion does not pay interest. Any prolonged disruption could push energy prices and inflation higher, potentially influencing both Federal Reserve policy and the outlook for gold prices.