Gold hits fresh record high after soft US jobs data

Gold prices hit fresh record highs on Friday after a soft U.S. jobs report cemented hopes of a Federal Reserve interest rate cut, fuelling fresh momentum for bullion's blistering rally, reports Reuters.

Spot gold was up 0.9 per cent at $3,577.33 per ounce, as of 12:34 GMT. Prices hit a record high of $3,582.71 and were up 3.7 per cent so far this week.

US gold futures for December delivery rose 0.9 per cent to $3,637.00.

Data showed that US job growth weakened sharply in August while the unemployment rate increased to 4.3 per cent, confirming that labor market conditions were softening and sealing the case for an interest rate cut from the Federal Reserve this month.

Platinum gained 2.2% to $1,396.97 and palladium was down 0.2% at $1,125.44.