Gold prices rise to over one-month high after US jobs report

Gold prices extended gains on Friday to their highest level in over a month following key US jobs data that showed the labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September, reporta Reuters.
Spot gold was up 1.3 per cent at $2,385.63 per ounce as of 2:10 p.m. (1810 GMT). Bullion is up more than 2 per cent for the week so far.
US gold futures settled 1.2 per cent higher to $2,397.7.
"Gold is trading at one-month highs as lower payroll revisions and yet another uptick in the unemployment rate help 'cement' a September rate cut," said Tai Wong, a New York-based independent metals trader.
"Bulls are eyeing a return to $2,450 all-time highs if the Fed starts openly hinting at September," he added.
Data showed US non-farm payrolls grew by 206,000 jobs in June, slightly higher than the 190,000 new jobs estimated by economists polled by Reuters.
Meanwhile, estimated job growth for May was revised down to 218,000 new jobs from 272,000, while April's job growth was revised down to 108,000 new jobs from a previous 165,000. The unemployment rate rose to 4.1 per cent, slightly higher than the estimated 4.0 per cent.
Following the data, US interest-rate futures prices reflected continued market confidence in a September rate cut, with the implied probability remaining at about 72 per cent.
Traders are also pricing in a rising chance of a second rate cut in December. Lower rates reduce the opportunity cost of holding non-yielding gold.
Elsewhere, spot silver rose 2.7 per cent to $31.25 per ounce and is on track for its best week since May 17. Platinum rose 2.6 per cent to $1,028.62 per ounce and palladium gained 0.2 per cent to $1,019.75.