Gold futures attracted buying again as a weak US employment report fueled expectations of a slowdown in the labor market, reaching a two-month high. The most-active contract settled at $4,399.7 in New York on the 7th, up 2.3% from the previous day.
The most-active gold futures contract rose 2.3% on the 7th to settle at $4,399.7. On a weekly basis, the gain was $292, the largest increase since January.
Signs of a bottom emerged in succession, and weak US jobs data prompted buying. Gold was again showing signs of an opportunity to rise.
Technically, the 50-day moving average had been cited as acting as resistance overhead.
The latest move suggests that the factors driving gold prices are being reassessed against the backdrop of conditions in US employment indicators.