MW: Gold futures rally on safe-haven buying after data
By Polya Lesova
NEW YORK (MarketWatch) -- Gold futures rallied on Friday as a disappointing U.S. jobs report prompted investors to seek the perceived safety of the precious metal. Gold for August delivery GCQ2 +2.37% rose $22.50 to $1,586.70 an ounce on the New York Mercantile Exchange. The gains came after the Labor Department reported that the U.S. economy created only 69,000 jobs in May, the smallest increase in a year and well below analyst expectations. Gold tends to be seen as a safe haven and a store of value at times of economic and financial uncertainty.
