Gold has staged its strongest rally in weeks after disappointing US jobs data prompted investors to rethink the outlook for US interest rates, lifting South African gold mining shares and strengthening the rand.
Gold has staged an impressive comeback after weaker than expected United States employment data prompted investors to reassess expectations for further interest rate increases, lifting bullion prices, strengthening the rand and providing fresh momentum for South African gold mining shares.
The precious metal climbed sharply after the US economy added only 57,000 jobs in June, well below market expectations of around 110,000.
The disappointing figures eased fears that the US Federal Reserve would continue aggressively tightening monetary policy, encouraging investors back into gold.
According to Anchor Capital, gold surged 2.4% on Thursday to $4,127 an ounce before extending gains to $4,182.43 an ounce early on Friday.
