Gold prices add $32 after US jobs data

Gold prices climbed sharply at settlement today, March 10, lifted by expectations for a slowdown in the pace of monetary policy tightening by the Federal Reserve.

Today's data showed that the US economy gained 311,000 nonfarm payrolls last February, outpacing the 225,000 Dow Jones estimate.

However, this represented a downturn from the blockbuster January jobs report, when 504,000 positions were added.

The latest snapshot from the Bureau of Labor Statistics also showed an uptick in the unemployment rate — contrary to projections of its stability — and a lower-than-expected surge in average wages.

This raised market optimism that the Fed could dial down the size of its interest rate hikes.

In terms of trading, gold for April delivery added 1.80%, or $32,60, to close at $1,867.20 an ounce.

The most-active gold futures contract finished off the week 0.70% higher.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, tumbled 0.60% to 104.62 points at 9:57 pm Makkah time.