Gold at week high as US jobs weaken, oil falls
Gold hit its highest point in more than one week, mainly because US job growth came in weaker than expected and oil prices dropped.
Spot gold rose 0.8% to $4,063.56 per ounce early Thursday, after peaking at $4,114.99 the day before.
Now, all eyes are on the upcoming nonfarm payrolls to see what the Fed might do next.
ADP shows 98,000 June private jobs
The latest ADP report showed only 98,000 new private jobs in June, much less than the 118,000 economists predicted and down from May's numbers.
Lower job growth and cheaper oil are easing inflation worries, which makes gold more attractive right now.
Even so, traders still think there's about a 64% chance of a Fed rate hike in September.
Precious metals rise amid uncertainty
It's not just gold getting attention: silver jumped 1%, platinum edged up by 0.4%, and palladium gained 1.1%.
This positive vibe across precious metals shows investors are looking for safe bets with all the current economic uncertainty around.