Gold price shoots higher on US labor data disappointment

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Gold prices advanced past the key $1,750 level on Thursday as investors sought haven after a new labor report pointed to an uneven recovery in the US jobs market.

Spot gold rose 1.7% to $1,757.38 per ounce by 11:55 a.m. EDT, its highest level in more than a week. US gold futures gained 2.1% to trade at $1,760.30 per ounce in New York.

Still, gold is on course for its biggest monthly loss since June, with precious metals pressured by the prospect of a pullback in stimulus measures by the Federal Reserve.

The latest labor data shows that applications for US state unemployment benefits unexpectedly rose for a third straight week, led by another surge in California. The dollar fell after the report, boosting bullion’s appeal for investors holding foreign currencies…read more.