Gold Logs 13-month Closing High As Jobs Report Fails To Deflate Metal's Rally

By Markets MarketWatch Pulse

Gold jumped on Friday, trading around a more than one-year high Friday after February jobs data offered a picture of the labor market that was healthy but not strong enough to shift expectations of the Federal Reserve's monetary policy. April gold settled up $12.50, or 1%, at $1,270.70 an ounce. The metal registered a weekly advance of about 4%, its first weekly gain in three weeks. The nonfarm-payrolls report isn't expected to spur the central bank to lift rates at its meeting in March, which is bullish for gold. Lower rates benefit the commodity that doesn't offer a yield.

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