Ahmedabad: Aug 1 (Reuters) – Gold prices rose almost 2%, hitting a one-week high, on Friday after weaker-than-expected U.S. payrolls data boosted Federal Reserve rate cut expectations and fresh tariff announcements spurred safe-haven demand. Spot gold reached its highest level since July 25, adding 1.8% to $3,350.67 per ounce as of 1135 a.m. ET (15:35 GMT), after rising as much as 2% earlier today. Bullion was up 0.4% so far this week. U.S. gold futures rose 1.6% to $3,403. “Payrolls numbers came in at below expectations, but a little higher than the market was printing. So, this gives a better probability that the Federal Reserve will cut (rates) later in the year,” said Bart Melek, head of commodity strategies at TD Securities. Gold, a non-yielding asset, tends to perform well in a low-interest-rate environment. U.S. job growth slowed more than expected in July, with nonfarm payrolls increasing by 73,000 jobs last month, after rising by a downwardly revised 14,000 in June, the Labor Department’s Bureau of Labor Statistics said.
