Gold surged more than 2%, headed for its biggest one-day jump in more than a month on Friday, after U.S. payrolls data fell well short of forecasts, boosting expectations that the Federal Reserve will stand pat on interest rates.
The U.S. economy created the fewest jobs in more than five years in May, according to the U.S. Labor Department, hurt by a strike by Verizon workers and a fall in goods-producing employment.
That could make it difficult for the Fed to raise interest rates further. The data sparked a rebound in gold, which had slid to a three-and-a-half-month low of $1,199.60 U.S. on Monday on growing expectations for a hike.
Spot gold hiked 2.4% at $1,239.45 U.S. an ounce, while U.S. gold futures were $29.70 an ounce higher at $1,242.30.
Among other precious metals, spot platinum was up 2.78% at $980.08 U.S. an ounce after earlier hitting its lowest since April 8 at $950 U.S. an ounce.
Spot silver was up 2.1% at $16.31 U.S. an ounce, while spot palladium was up 3% at $548.72 U.S. an ounce.
