Gold steadies amid jobs data and lower rate hike outlook

Gold prices stabilized after expectations of a Federal Reserve interest rate hike were revised downward. Weaker-than-expected employment data helped ease fears and increased the likelihood that the Federal Reserve will halt interest rate increases this year. Spot gold prices surged by 1.1% to $4,170.99 per ounce, while futures rose by 1.4% to $4,182.36, marking their first weekly gain in five weeks. Additionally, market expectations for a rate hike diminished, and the dollar strengthened, supporting the rise in the precious metal.

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