Gold prices jumped more than 3% in trading on Friday, with the dollar falling against the backdrop of data showing a rise in the US unemployment rate in October and increasing optimism that the Federal Reserve it will be less strict about raising interest rates in the future.
US employers hired more workers than expected in October, but the rise in the unemployment rate to 3.7% indicates a slight weakening in labor market conditions.
And gold rose in spot trading about 3% to $ 1677.67 an ounce, and the precious metal rose 2% in one week, andIt is the highest weekly percentage increase since the end of July.
US gold futures rose 2.8% to $ 1,676.6 an ounce.
Following the release of employment data, the dollar index fell 1.89% by the end of the session on Friday, making US dollar-denominated gold more attractive to overseas buyers.
The US central bank hiked interest rates on Wednesday by 75 basis points, but indicated that it will soon reduce the magnitude of future interest rate hikes to give the economy time to absorb the faster pace of monetary tightening in recent years. 40 years.
Gold is considered a hedge against inflation, but high interest rates negatively affect the attractiveness of unprofitable assets.
As with other precious metals, silver rose in spot trading by 7.6% to 20.915 per ounce, while it achieved a weekly increase of 8.5%. Platinum is up 4.3% to $ 957.97 and Palladium is up 3.8% to $ 1869.62.
