Gold Rallies on Weaker US Jobs Data, Rate Hike Fears Eased

Gold prices continued their upward trend as weak US jobs data tempered rate-hike fears, sparking a rally in bullion. Spot gold traded near $4,345 an ounce on August 9.

The US employment report released on August 8 showed nonfarm payrolls fell in July, while job gains for the previous two months were revised lower.

Traders pointed to bargain buying after gold held the $4,000-an-ounce support level. Data from the US Commodity Futures Trading Commission showed net long gold positions held by hedge funds and asset managers climbed to the highest level in about six months as of August 4.