Market News

(Bloomberg) -- Gold advanced, trimming a weekly loss as traders raised bets on monetary easing following a weak US jobs report.

US employers unexpectedly cut jobs in February and the unemployment rate rose, pointing to lingering fragility in a labor market that was thought to be stabilizing. Traders slightly boosted bets on Federal Reserve rate cuts.

Bullion rose as much as 1.8% to $5,174.59 an ounce, trimming its weekly decline to 2.3%. Lower rates typically benefit non-yielding gold.

The precious metal came under pressure this week as the Middle East conflict sent oil prices surging and fueled inflation concern, while the dollar rallied. A stronger dollar and higher borrowing costs typically are negative for gold. Bullion also served as a source of liquidity amid a deepening rout in global equities.

In a Friday social media post, US President Donald Trump said he doesn’t want to negotiate an end to the war with Iran and demanded Tehran capitulate as US and Israeli airstrikes continue. The remarks are a signal the White House may be girding for an extended conflict after US officials had insisted their goal was not regime change.

While trading has been choppy and upward momentum has stalled in recent days, gold still has gained nearly a fifth so far this year. Trump’s upheaval of global trade and geopolitics, as well as threats to the Fed’s independence, has supported safer assets.

Spot gold rose 1.5% to $5,157.42 an ounce as of 3:52 p.m. in New York. Silver climbed 2.1% to $83.93. Platinum advanced, while palladium slipped.

--With assistance from Jack Ryan and Yihui Xie.