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Gold heads for weekly gain as weak US jobs data tempers rate hike bets
Gold rose on Friday and was set for a weekly gain after four straight weeks of declines, as weak U.S. jobs data dampened expectations for a near-term Federal Reserve rate hike. Spot gold was up 1.3% at $4,176.29 per ounce by 1006 GMT, after hitting its highest since June 23. Bullion held above its 21-day moving average and is up over 2% for the week so far. U.S. gold futures for August delivery gained 1.53% to $4,188.80/oz. Data on Thursday showedthat U.S. nonfarm payrolls rose by 57,000 last month, below the 110,000 expected by economists in a Reuters poll. Gold's rally was driven by a sharp slowdown in U.S. ... (full story)
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