Weaker Jobs Data Cools Rate-Hike Fears, Boosts Gold Prices

The US jobs numbers for September were weaker than expected, calming concerns about a Federal Reserve rate hike this month. The Labor Department's closely watched employment report showed that non-farm payrolls rose by 29,000 last month after a downwardly revised increase of 133,000 in August.

Economists polled by Reuters had forecast payrolls advancing 90,000 after a previously reported 162,000 surge in August. The jobs data eased rate-hike fears, leading to a gain in gold prices.

Spot gold rose 1.1% to $4,223.49 U.S. an ounce, but was down about 1.5% for the week so far. Traders currently see about a 14% chance of a US rate hike this month, down from 28% before the jobs data and around 70% earlier in the week.