Gold rises 7% as oil falls and US jobs weaken
Business
Gold prices shot up 7% this week, marking their biggest weekly gain since January 19.
On Friday alone, gold hit its highest level since mid-June.
What's behind the rally? Falling oil prices and weaker-than-expected US jobs data made gold more attractive as a safe place to park money.
Gold attracts long-term safe-haven demand
Lower oil prices helped calm inflation worries and made another US interest rate hike less likely.
Plus, US job numbers actually dropped by 23,000 in July, which got people thinking the Fed might pause on raising rates.
Central banks also piled in, buying 288.9 metric tons of gold last quarter, with South Korea jumping back into the market after 13 years.
All this points to growing interest in gold as a long-term safety net.