Gold prices climbed to their highest level since late June on Thursday, supported by weaker-than-expected US private payrolls data, a softer dollar and hopes for an agreement to reopen the Strait of Hormuz, Anadolu reports.
Spot gold rose as high as around $4,300 per ounce before paring some gains to trade around $4,260, extending its advance for a fourth consecutive session.
The precious metal gained after payroll processing firm ADP reported a sharp slowdown in private-sector hiring in July, with most job creation concentrated in the healthcare sector.
The weaker labor market data reduced expectations that the US Federal Reserve will raise interest rates in September, supporting non-yielding assets such as gold.
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