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Gold rises over 2% on weak U.S. jobs data
Gold prices rose by more than 2% following the release of US employment data, which came in weaker than expected. This reduced the likelihood of the Federal Reserve raising interest rates this year. The spot gold price reached $4,116.54 per ounce, while futures contracts increased to $4,125.70. Investors are now expecting a lower chance of rate hikes after the data showed the economy added 57,000 jobs in June, compared to expectations of 110,000, with the unemployment rate declining to 4.2%.
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