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Gold prices rose as more negative than expected data on the US labor market have reduced the likelihood of a Fed hike in the coming months.

The Labor Department reported that the US economy has shown a modest increase in the number of jobs in September, but wage increase has accelerated, which indicates a stable situation on the labor market.

According to the data, the seasonally adjusted number of people employed in non-agricultural sectors of the economy increased by 156 thousand, recording the smallest increase since May. The unemployment rate, obtained from a separate household survey, increased by 0.1 percentage points to 5.0%. Recent growth reflects encouraging signs: the total labor force grew rapidly, as Americans who previously were too discouraged to look for work again start to search. Economists had expected employment to increase by 175 thousand, while the unemployment rate to remain unchanged. The government also revised data for the previous months, although the overall outlook has not changed. According to the new estimates, the economy added 167 thousand jobs in August compared with the previously reported 151 thousand. Meanwhile, the change for July was revised downward to 252 thousand from 275 thousand..

In addition, the report showed that wages growth accelerated last month. Private sector workers earned on average $ 25.79 per hour in September, up 6 cents, or 0.2% more than a month earlier. In annual terms, the average wage increased by 2.6%.

"The data on the labor market should support the gold after a fairly uneven trading this week," - said Bob Haberkorn from RJO Futures.

Since last Friday, the price of gold fell by more than 4%, under pressure due to the strengthening of the dollar.

The cost of December futures for gold on COMEX rose to $ 1267.6 per ounce.