Gold hits seven-week high as weak U.S. jobs data dents rate hike bets
Gold bars lie in a safe on a table at the precious metal dealer Pro Aurum. Sven Hoppe | Picture Alliance | Getty ImagesGold surged on Friday, hitting its highest in seven weeks, after an unexpected drop in U.S. non-farm payrolls in July dashed rate-hike sentiment and set bullion on course for its best week in seven months.Spot gold jumped 2.3% to $4,336.11 an ounce, having surged more than 3% to its highest since June 17. Bullion is set to post its largest weekly rise since January 19, with prices gaining over 7% so far this week. U.S. gold futures climbed 2.3% to $4,396.9Nonfarm payrolls fell by 23,000 jobs last month after a downwardly revised 20,000 increase in June, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls rising 80,000 last month."The weaker-than-expected jobs data presents a scenario where the Fed is going to be less likely to raise interest rates at its next meeting," said David Meger, director of metals trading at High Ridge Futures.Energy prices coming...








