Post: Gold Surges Over 1% Amid Weaker US Jobs Data

New york: Gold climbed more than 1% on Friday and was on track to post its first weekly gain in five weeks as weaker-than-expected U.S. employment data reduced investors' expectations of further interest rate hikes by the U.S. Federal Reserve. Spot gold rose 1.4% to $4,179.94 per ounce, its highest level since June 23, while U.S. gold futures for August delivery gained 1.6% to $4,193.20 per ounce. According to Palestine news and Information Agency, the precious metal was on course for a weekly gain of 2.3%, its first since the week beginning May 25, as softer-than-expected nonfarm payroll and private-sector employment data eased concerns over inflation. Among other precious metals, spot silver advanced 2.3% to $62.43 per ounce, platinum rose 2.7% to $1,660.05 per ounce, and palladium gained 1.3% to $1,284.40 per ounce. All three metals reached their highest levels in more than a week and were also on track for weekly gains.