Gold hits $4,484.30 as weak US jobs dampen Fed bets
Business
Gold prices are on a three-day winning streak, jumping 1.46% to $4,484.30 an ounce on Tuesday.
Silver outperformed with a 2.03% surge, hitting $66.60 at its peak.
The rally comes as weak US job numbers have cooled talk of more Fed rate hikes, making gold relatively more attractive when yields on interest-bearing assets fall.
US July job losses, inflation watch
Recent US labor data showed 23,000 jobs lost in July and a slight drop in unemployment to 4.1%.
Investors are now watching upcoming US inflation reports (CPI on August 12 and PPI on August 13) for hints about possible interest rate cuts.
On top of that, rising tensions between the US and Iran are pushing more people toward gold as a safe place for their money.