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Gold at 6-Week High

Gold at 6-Week HighGold at 6-Week High

Gold hit a six-week high on Monday, buoyed by disappointing US jobs data on Friday that dimmed the prospects for an aggressive run of interest rate increases in the world’s biggest economy, Reuters reported. Higher interest rates put pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion. Spot gold was steady at $1,280.10 per ounce, after climbing 1.1% gain on Friday. It hit a peak of $1,282 an ounce early in the session, its highest level since April 21. US gold futures were up 0.2% at $1,282.70 an ounce.

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