Gold prices rose to a one-week high on Friday, after economic data that showed hiring in August was weaker than expected, which undermined the case for the Federal Reserve to raise interest rates in the coming months. Gold for December delivery was settled up 0.7% at $1,326.70 a troy ounce on the Comex division of the New York Mercantile Exchange, hitting the highest level since August 26. According to the National Bureau of Labor Statistics, the U.S. economy added 151,000 jobs in August, falling short of analyst estimates for 180,000. The unemployment rate was unchanged at 4.9%, compared with expectations of 4.8%. The weak data provided a boost for gold, which fell this week to its lowest level since Britain voted to leave the European Union on fears that an interest-rate increase could come as early as September. In an August speech, Fed Chairwoman Janet Yellen said the case for a rate increase had strengthened, and the central bank would continue to watch economic data. The data “probably puts in doubt that the Fed will make a move in September,” said Ira Epstein, a strategist with the Linn Group. “This number didn’t offer them the cover they needed.” Lower rates are a boon for gold, which pays its holders nothing and struggles to compete with yield-bearing assets when borrowing costs rise. Source: Uncommercial joint ownership "Trans-regional Association of precious metals producers"