Gold prices achieved six-week peaks on Friday following disappointing U.S. non-farm payrolls data that lowered expectations for more aggressive U.S. interest rate increases.
Data showing a slowing in U.S. job growth in May and employment gains in the prior two months were not as strong as previously reported, suggesting the labour market down south was losing momentum.
A slow recovery in the world's biggest economy dents the likelihood for higher interest rates which benefits non-interest yielding and safe-haven gold.
Spot gold had gained nearly 1% to $1,277.32 U.S. per ounce, headed for its fourth week of gains
Market observers said the data would cause investors to temper their expectations of rate increases this year and next year, putting pressure on the dollar and U.S. bond yields, thereby helping gold.
Expectations for stronger jobs data and upbeat data from U.S. factory activity had pushed gold to a one-week low earlier on Friday.
Among other precious metals, palladium was last seen up 2% at $840.30 U.S.
Silver was up 1.3% at $17.49 and platinum rose 2.8% to $950.75 U.S.
Related Stories
