Gold heads for weekly gain as weak US jobs data tempers rate hike bets

Gold prices rose 1.3 percent to $4,174.21 per ounce after weak US nonfarm payrolls data (57,000 versus 110,000 expected) pushed bullion to its highest level since June 23, putting it on track for a weekly gain above 2 percent. The jobs slowdown reduced market-implied odds of a September Fed rate hike to about 54 percent from 66 percent, weakening the US dollar and boosting demand for non-yielding assets. Silver, platinum, and palladium also posted solid weekly gains, though physical gold demand in India eased as prices rebounded.