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Gold headed for a second weekly advance as investors focus on a key jobs report in the U.S. due Friday, following Thursday’s Bank of England stimulus package that included its first interest-rate cut in seven years.

Bullion for immediate delivery rose 0.2 percent to $1,363.67 an ounce at 2:48 p.m. in Singapore, after a 0.2 percent gain on Thursday, according to Bloomberg generic pricing. The metal is up 0.9 percent this week.

The BOE’s stimulus, to contain the fallout from the U.K. decision to quit the European Union, is the latest measure from central banks and governments to support growth. Weak or negative interest rates have helped push gold 29 percent higher this year.

“The BOE decision was important in so far as it triggered buying of gold, particularly by institutional investors and large speculators,” Jeffrey Nichols, a New York-based senior economic adviser at Rosland Capital LLC, said in a telephone interview. “Now investors are looking for gold to go still higher, possibly breaking out above the recent trading range, and moving up to close to $1,400 an ounce, instead of $1,350 an ounce.”

On Wednesday, investors boosted their holdings in gold-backed exchange traded funds by 2 metric tons to 2,025.7 tons, extending their rise to the highest since July 2013, data compiled by Bloomberg show.

The payrolls data will be watched for clues on the timing for the next rate rise by the Federal Open Market Committee. After a report on July 29 showed second-quarter gross domestic product rose less than forecast, the focus will be on the strength of the labor market. Subdued growth will force the Fed to keep rates steady in 2016, with a single hike seen in 2017, according to BMI Research, which raised its 2017 price outlook by $50 to $1,400.

“All eyes are on tonight’s U.S. nonfarm payrolls data, but irrespective of the outcome I see little prospect of any potential near-term U.S. rate rise,” said Gavin Wendt, director at MineLife Pty in Sydney. “This means a floor for gold prices and the potential for further near-term gains.”

Policy makers will hold off raising rates for at least a year, according to fed funds futures data compiled by Bloomberg, while the probability of a hike in December is about 37 percent, down from 45 percent two weeks ago.

 
  Reference: Bloomberg