Gold prices rise globally to reach the best weekly gain in 3 years

Economy and stock exchange

Gold prices jumped on Friday to their highest level since late February, as a sharp slowdown in US job growth caused the dollar to fall as expectations grew that the Federal Reserve will cut interest rates this year.

Gold also benefited from fears that US trade wars with Mexico and China could slow the global economy. The precious metal has risen 2.9% since the beginning of the week and is heading towards its biggest weekly gain since April 2016.

By 1324 GMT, spot gold rose 0.6 percent to $ 1343.12 an ounce, reaching a high of $ 1344.91, just below the 2019 high at $ 1346.73.

Gold futures in US futures rose 0.4% to $ 1347.50 an ounce.

"The number of jobs in the United States was weaker than expected and this stimulated the gold market for the stalemate," said Jim Wickoff, chief analyst at KITCO, "This gives more impetus to price watchers."

The Labor Department said this morning that job growth slowed sharply in May and wages rose less than expected.

For other precious metals, silver rose 0.7% to $ 14.96 an ounce and is heading towards recording its best weekly performance since Jan. 25.

Platinum rose 0.4% to $ 806.75 an ounce, and the metal used in the automotive industry is heading for the first weekly high in seven weeks.

Palladium rose 0.3% to $ 1355.66 an ounce.

. (tagsToTranslate) Gold Prices (t) Gold Price (t) Gold (t) US Jobs (t) Interest Rates (t) US Economy