Gold Surges on Weaker US Jobs Data, Rate Hike Prospects Dim

Gold prices rose by approximately 0.8% to $1,980 per ounce on Tuesday as weaker-than-expected U.S. employment data eased concerns about further interest rate hikes by the Federal Reserve.

The latest jobs report showed a slowdown in hiring, with nonfarm payrolls increasing by only 150,000 in October, below the 180,000 expected by economists.

Market participants adjusted their expectations for the Fed's next policy meeting in December, with the probability of a rate hike falling to around 5%, down from 20% a week earlier.