Gold Hits Biggest Weekly Gain in 4 Months

By: Taarek Refaat

WASHINGTON, Dec. 7 (SEE)- Gold prices surged on Friday to hit the biggest weekly gain in four months.

The yellow metal price rose 2.2 percent after the US monthly employment data revealed the addition of 155 thousand jobs to the market.

The US witnessed 49-years low unemployment in addition to a rise in wages.

As the dollar tumbled, along with a China-US trade truce, gold recorded its biggest weekly gain since August, at $ 26.6 an ounce.

The dollar index, which measures the performance of the currency against a basket of major trade currencies, fell 0.2 percent to reach 96.657.

The US wholesale inventories witnessed a rise along with consumer confidence, which steadied against estimates.

Gold futures for February delivery rose 0.7 percent to earn $ 9 and reach $ 1252.60 an ounce. The spot price also rose 0.8 percent recording $ 1248.12 an ounce.