Gold Approaching a 3-Month High With Enhanced Prospects For Keeping Interest Rates Low

Gold prices rose on Monday, approaching a three-month high they reached last week, after weaker-than-expected job data in the United States supported hopes that interest rates would remain low for some time, which boosted appetite for the metal.

By the close of the Tokyo Stock Exchange, spot gold rose 0.2% to $1834.96 an ounce, after reaching its highest level since February 11 at $1842.91 in the previous session.

US gold futures rose 0.2% to $1835 an ounce.

US job growth slowed unexpectedly in April, data released on Friday showed, as companies found it difficult to obtain workers and raw materials amid a rapid improvement in the public health situation and massive government aid.

A Federal Reserve official said the 266,000 jobs added by US companies last month were far from expectations.

The US central bank pledges to keep interest rates low until inflation and employment rise.

As for the other precious metals, palladium rose 0.3% to $2,934.15. Silver increased 1.1% to $27.74, while platinum advanced 0.6, to $1256.27.