Gold returns higher after downbeat payrolls data

Gold prices rose on Friday ahead of the weekend on renewed haven demand following weak data from the U.S. showing a drop in new April jobs. 

Gold last traded at $1,265.5 an ounce, compared to the opening price of $1,279.4, with a session-low at $1,276.00, and a high at $1,296.1, which comes after prices hit a 15-month peak earlier this week at $1,303.6. 

Higher gold prices come as investors flock to the safe haven following weak U.S. data, which showed a sharp decline on new jobs last month. 

On the other hand, the dollar is recovering further against major rivals for the fourth consecutive day on short-covering after hitting a 15-month trough on expectations the weak global economy will weigh on the American one. The dollar's rise today come despite downbeat employment data. 

The dollar index, which gauges the U.S. currency's performance versus an array of major rivals, last traded at 93.60, compared to the opening of 93.76, with a session-low at 93.22, and a one-week high at 93.83, which comes after the index hit a 15-month nadir earlier this week at 91.90.