Gold Jumps After Slower US Job Growth Boosts Fed-Cut Bets

Gold rose the most in two months after weaker-than-expected US jobs growth spurred bets that the Federal Reserve will lower interest rates as soon as next month.

Bullion traded near $3,345 an ounce after paring some earlier gains, as Friday’s jobs report showed job growth cooled sharply over the past three months and the unemployment rate rose to 4.2%. The yield on two-year US Treasuries tumbled. Lower yields and borrowing costs are a tailwind for gold, which doesn’t pay interest.