Gold jumps 1.9% to highest close in over 1 year

Gold prices rose sharply at settlement today, April 4, after the release of some economic data which raised expectations that interest rate hikes would soon stop.

The yellow metal benefited from the fall in the US dollar and Treasury yields, after data showed job opportunities in the US tumbled in February to their lowest level in 21 months.

Financial market expectations indicate a high probability of raising interest rates by 25 basis points (bp) in May, before shifting to a lower stance later this year.

At settlement today, gold for June delivery jumped 1.90%, or $37.80, to $2,038.20 an ounce.

Elsewhere, the US dollar index, which gauges the greenback's strength against a basket of six currencies, plunged by 0.40% to 101.63 points at 08:53 pm Makkah time.