WASHINGTON (dpa-AFX) - Following the slight pullback seen during Thursday's trading, the price of gold has shown a substantial move back to the upside during trading on Friday, reaching its highest levels in well over a month.
Gold for December delivery has given back ground after an early surge but remains up by $96.20 or 2.1 percent at $4,395.80 an ounce, more than offsetting the $5.60 or 0.1 percent dip seen in the previous session.
The price of gold spiked by as much as 3.1 percent earlier in the day amid easing concerns about the outlook for interest after the Labor Department released a report unexpectedly showing a modest decrease in U.S. employment in the month of July.
The Labor Department said non-farm payroll employment fell by 23,000 jobs in July after rising by a downwardly revised 20,000 jobs in June.
Economists had expected employment to climb by 88,000 jobs compared to the addition of 57,000 jobs originally reported for the previous month.
While the report points to some weakness in the labor market, the data is also seen as decreasing the chances of the Federal Reserve raising interest rates next month.
According to CME Group's FedWatch tool, the chances the Fed will raise rates by a quarter point next month have tumbled to 44 percent from 55 percent on Thursday and 67 percent a week ago.
Gold prices pulled back off their early highs amid an increase by the price of crude oil, with U.S. crude oil futures jumping 1 percent amid uncertainty about the situation in the Middle East.
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