Gold rose to the highest in three weeks after payrolls in the U.S. climbed less than projected in September, increasing speculation that the Federal Reserve will maintain monetary stimulus to boost economic growth.
Gold futures jumped the most in four weeks as the dollar slumped and speculation mounted that the Federal Reserve will hold off on scaling back monetary stimulus, boosting demand for the metal as an alternative investment.
Gold tumbled to a three-month low on speculation that U.S. lawmakers will reach an agreement to increase the nation’s debt limit and end a government shutdown, curbing demand for bullion as a store of value.
Gold rose for the first time in three sessions as U.S. lawmakers remained deadlocked over extending the nation’s debt limit to avoid default amid a government shutdown, stoking demand for the metal as a store of value.
Gold futures tumbled the most in nine weeks after a report showed U.S. jobless claims last week dropped to the lowest since April 2006, boosting speculation that the Federal Reserve will scale back fiscal stimulus soon.
Gold rose for the fifth time in six sessions as the dollar’s drop boosted demand for an alternative investment. Speculation mounted that purchases will increase in China, the world’s second-biggest consumer of the metal.