Gold Prices Surge as Labor Market Weakness Lifts Interest-Rate Hike Concerns

The value of gold has increased as signs of slowing in the US labor market have lifted concerns over interest-rate hikes.

According to Koscom ETF Check, returns on domestic gold-related exchange-traded funds (ETFs) rose sharply over the past week, with HANARO Global Gold Mining Companies posting a return of 19.23% and TIGER Gold Futures(H) rising by 6.92%.

The decisive trigger for this rebound was US employment data that fell far below expectations, leading to decreased expectations of a September interest-rate hike from the Federal Reserve.

The price of December gold futures surged to $4,450 per ounce and spot gold prices rose about 8.3% over the same period, recovering to around $4,390.