Gold prices jumped on Friday to their highest level in two months, after data showing an unexpected decline in U.S. nonfarm payrolls in July. The figures reinforced expectations of a rate cut.
Spot gold rose 2.6%, to $4,348.87 per ounce, after reaching its highest level since June 17. The precious metal is thus on track for its best weekly performance in nearly seven months, with a rise of more than 7% since the start of the week.
Note that U.S. gold futures also gained 2.5%, reaching $4,408 per ounce.
