Gold Rises Most in Four Weeks as Jobs Data Boosts Haven Demand
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Gold jumped the most in almost four weeks after a report showed that U.S. employment unexpectedly stagnated in August, lifting demand for haven assets.
The unemployment rate remained at 9.1 percent and payrolls were unchanged, the weakest reading since September 2010, Labor Department data showed. Analysts expected a gain of 65,000. Gold has more than doubled since the end of 2008, touching a record $1,917.90 an ounce last month, as governments worldwide struggled with debt crises and as record-low U.S. borrowing costs boosted bullion’s appeal as an inflation hedge.