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The price of gold jumped by more than 1.5 percent, helped by disappointing data on the US labor market, which reduced the likelihood of the Fed raising interest rates at the June meeting.

US Labor Department said the seasonally adjusted number of people employed increased in April to 160 thousand. It was the weakest growth since September 2015. Economists had expected employment to increase by 202 thousand figures for February and March were revised down -.. In total 19 thousand Given the latest data, the average employment gains this year amounted to 192 thousand per month.. The unemployment rate remained at around 5.0%, confirming the forecasts. In addition, it was reported that the average hourly wages of private sector employees increased by 8 cents in April to $ 25.53. In annual terms, wages increased by 2.5%, accelerating compared with March. The average workweek for private sector workers increased by 0.1 hour to 34.5 hours, in line with expectations. The proportion of Americans involved in labor, dropped to 62.8% in April compared with 63.0% in March. The proportion of Americans with jobs was 59.7%, slightly down from March. A broad measure of unemployment, which includes Americans who work part-time or not looking for work, fell to 9.7% from 9.8% in March.

After the publication of the report on the employment chances of further tightening of monetary policy of the Fed during the June meeting fell to 8% from 11% before the release of the data. Recall, higher rates have a downward pressure on the price of gold, which brings its holders to interest income and that is difficult to compete with the assets, bringing that income against the background of increasing interest rates. However, the gradual increase in rates carries less of a threat to the gold price than a series of sharp climbs.

Since the beginning of the year gold has risen in price by 21 percent on expectations that the Fed will slow the pace of interest rate increases. Recall, during the April meeting of the Federal Reserve left interest rates unchanged. This decision was taken by the central bank on a background of mixed signals from the global economy and the slowdown in inflation in the United States.

In addition, it became known gold reserves in the largest investment fund SPDR Gold Trust rose yesterday to 829.44 tonnes, which is the highest value in the last two years.

The cost of the June gold futures on the COMEX rose to $ 1291.6 per ounce.

The U.S. Labor Department released the labour market data on Friday. The U.S. economy added 160,000 jobs in April, missing expectations for a rise of 202,000 jobs, after a gain of 208,000 jobs in March. March's figure was revised down from a rise of 215,000 jobs.

The increase was driven by rises in professional and business services, health care, and financial activities.

The Professional and business services added 65,000 jobs in April, financial activities added 20,000 jobs, while the manufacturing sector added 4,000 jobs.

Health care added 44,000 in April, while mining sector shed 7,100 jobs.

The U.S. unemployment rate remained unchanged at 5.0% in April, in line with expectations.

Average hourly earnings increased 0.3% in April, in line with forecasts, after a 0.2% rise in March. March's figure was revised down from a 0.3% increase.

The labour-force participation rate decreased to 62.8% in April from 63.0% in March.

As the U.S. labour market continues to strengthen, the Fed could raise its interest rate gradually this year.