Gold stitches to new record high after soft data from the US jobs

Golden Prizes reached new record highs on Friday after a soft American job report that had cemented the hope for an interest rate reduction of the Federal Reserve, so that the new momentum was fueled for the sizzling rally of precious metal.

Spot gold rose by 0.9% to $ 3,577.33 per ounce, from 12:34 GMT. Prices reached a record high of $ 3,582.71 and rose to now with 3.7% this week.

US Gold Futures for the delivery of December rose by 0.9% to $ 3,637.00.

Data showed that the American job growth sharply weakened sharply in August, while the unemployment rate rose to 4.3%, which confirmed that the circumstances of the labor market mitigate and sealed for an interest reduction of the Federal Reserve this month.

Bullion, who does not pay interest, tends to shine when the rates are low and the uncertainty is high, making it an active for investors looking for safety.

China and India are top gold consumers. The physical demand for gold in these hubs fell this week due to the registration of high prices. Gold in August in reserve data from the Central Bank of China, which should be deemed on Sunday, will not catch the record heights of September, but can still provide more clarity about how the demand from central banks was influenced by prices with a high precious metal. Among other things, Spot Silver rose by 1% to $ 41.09 per ounce and went on the way to his third consecutive weekly profit.

Platinum won 2.2% to $ 1,396.97 and Palladium fell by 0.2% at $ 1,125.44.