Gold Reaches 7-Week High as Precious Metals Climb on Jobs Data

06-Apr (Bloomberg) — Gold climbed to the highest in almost seven weeks after disappointing data on U.S. jobs spurred speculation that the Federal Reserve will delay raising interest rates. Platinum reached a one-month high.

American companies added 126,000 positions in March, the smallest expansion since December 2013, according to the Labor Department report on Friday. The Bloomberg Dollar Spot Index fell for a fourth day on Monday, set for the longest losing streak in nine months.

Bullion for June delivery added 1.4 percent to $1,217.90 an ounce as of 7:56 a.m. in New York. Prices earlier touched the highest since Feb. 17. Silver and platinum rose more than 1.8 percent.

Gold’s rally is aided by “the lower possibility of rate increases,” said Hwang Il Doo, a senior metals trader at Korea Exchange Bank Futures Co. in Seoul.

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