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Gold jumps 1pc

Gold jumps 1pc

LONDON: Gold jumped 1 per cent on Friday after US non-farm payrolls data for April came in weaker than expected, boosting expectations the Federal Reserve will delay further interest rate increases.

The Labour Department report showed the US economy added 160,000 jobs in April, the fewest in seven months, and Americans dropped out of the labour force in droves, signs of weakness that cast doubts on whether the Fed will lift rates before the end of the year.

Spot gold hit a high of $1,293.65 an ounce after the data and was up 0.6pc at $1,285.70 an ounce at 1338 GMT. US gold futures for June delivery were up $14.80 at $1,287.10.

Spot prices have risen nearly 21pc this year on expectations the Fed will slow the pace of rate hikes.

Among other precious metals, silver was flat at $17.31 an ounce, platinum was up 1pc at $1,068.70 and palladium was up 0.3pc to $598.70.

Courtesy : Dawn News



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