Gold price shines

New York (April 9)  Gold hit a five-month high after US jobs data dampened expectations that the US. Federal Reserve will raise interest rates, but the metal gave up most gains as the dollar rose and safe haven demand ebbed.

US employers added the fewest number of workers in 10 months in March, boosting gold, which is most attractive to investors in a low interest rate environment.

Spot gold rose 0.2 percent to $1,253.71 an ounce after touching its highest since November 10 at $1,270.46, putting it on track for a fourth consecutive week of gains.

US gold futures climbed 0.3 percent to settle at $1,257.30 an ounce. Gold was also underpinned by investors looking for safety after the United States fired cruise missiles at a Syrian air base, escalating tensions with Russia and Iran. Gold is often used as a hedge against political and financial uncertainty and security risks. It has benefited alongside other assets considered safe, such as the yen and US Treasury bonds.

Source: TheNews