Gold increased 4% on Friday, its greatest one-day hike of more than three years, as a amazingly poor US payrolls review added to concerns about a international economic recession and driven talk of further US financial reducing.
The precious metal fell in early trading, then rebounded USD 60 an ounce from its session low as funds piled into gold for protection against economic uncertainty after the US unemployment rate rose for the first time in 11 months.
Gold rose 3.6% this week, its largest gain since late January, when investors were already fretting over Spain's poor finances and a possible Greek exit from the euro zone, which could send Europe's debt crisis spiral out of control.
Gold ended May with its fourth straight monthly decline, the longest in 12 years. Friday's rally extended gold's gain year to date to around 4%.
Gold obtained 15% a few months ago after the US Federal reverse said in Jan it would keep rates near zero until at least overdue 2014 and could present a clean circular of asset-purchase program known as quantitative reducing.
The precious metal fell in early trading, then rebounded USD 60 an ounce from its session low as funds piled into gold for protection against economic uncertainty after the US unemployment rate rose for the first time in 11 months.
Gold rose 3.6% this week, its largest gain since late January, when investors were already fretting over Spain's poor finances and a possible Greek exit from the euro zone, which could send Europe's debt crisis spiral out of control.
Gold ended May with its fourth straight monthly decline, the longest in 12 years. Friday's rally extended gold's gain year to date to around 4%.
Gold obtained 15% a few months ago after the US Federal reverse said in Jan it would keep rates near zero until at least overdue 2014 and could present a clean circular of asset-purchase program known as quantitative reducing.
