Gold continued to rise in trading on Friday, July 7, and ended the week with gains, after below-expected data for jobs in the non-agricultural sectors in the United States raised doubts about the prospects for raising interest rates again and the continuation of this after July.
By 18:06 GMT, spot gold rose 0.8% to $1926.54 an ounce. US gold futures rose 0.9% to $1,932.5. On a weekly basis, gold rose by 0.27%.
US Labor Department data showed that nonfarm payrolls came in much lower than expected last month, but the unemployment rate declined from a seven-month high amid a strong wage increase.
Gold prices were boosted by the decline in US Treasury yields and the fall of the dollar after the data was released
Gold is highly affected by raising US interest rates, as this leads to an increase in the opportunity cost of possessing the precious metal, which does not yield a return.
As for other precious metals, silver rose slightly to settle at $23.06 an ounce, while platinum rose 0.73% to $908.24.
