Gold extends gains after US jobs data disappoints

Gold gained for a second straight session to trade near a three-week high on Monday after US jobs rose at the slowest pace in more than a year, fuelling expectations the Federal Reserve could postpone an anticipated rate increase.



US nonfarm payrolls increased 126,000 in March, less than half February’s pace and the smallest gain since December 2013, the Labor Department said on Friday. That ended 12 straight months of job gains above 200,000 – the longest streak since 1994.



Spot gold was up 0.4 percent at $1,215.50 an ounce by 0215 GMT. Bullion hit a session high of $1,218.45, close to a three-week peak of $1,219.40 reached on March 26.



US gold for June delivery climbed 1.3 percent to $1,215.90 an ounce.



Other precious metals rose. Spot palladium jumped 2 percent to $755.50 an ounce and platinum gained 1.3 percent to $1,169.70 an ounce after hitting a one-month high of $1,177.50 earlier.



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Posted in: Indian Market Tips