Gold futures rallied on Friday as a disappointing U.S. jobs report prompted investors to seek the perceived safety of the precious metal. Gold for August delivery rose $22.50 to $1,586.70 U.S. an ounce on the New York Mercantile Exchange.
The gains came after the U.S. Labor Department reported that the national economy created only 69,000 jobs in May, the smallest increase in a year and well below analyst expectations.
Gold tends to be seen as a safe haven and a store of value at times of economic and financial uncertainty.
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