Gold climbs nearly 2% as dollar dips amid mixed data

Gold prices rose on Friday as the dollar dipped against most major rivals while markets assess monthly jobs data. 

The Labor Data

US unemployment rose to 3.6% in February from 3.4% in the previous reading, which was the lowest since 1969.

The US economy added 311 thousand new jobs in February, beating estimates of a 224 thousand increase, while slowing down from a 504 thousand increase in January.

The Fed

Fed Chair Powell said recently the Fed hasn't won its battle against inflation yet, which remains considerably higher than 2%.

He noted that inflation calmed down in January with some signals of weakening in services except housing, possibly because of the warmer climate.

However, a full review of the last quarter shows that inflationary pressures remain rather higher than expected in previous meetings.

He asserted policymakers haven't taken the March policy decision yet and continue to analyse the data for the best approach.

Otherwise, the dollar index fell 0.7% as of 19:26 GMT to 104.6, with a session-high at 105.3, and a low at 104.04.

Gold spot prices rose 1.8% as of 19:27 GMT, or $33.4 to $1,868 an ounce.