Gold surged on Friday, hitting its highest in seven ‌weeks, after an unexpected drop in US nonfarm payrolls for July dashed rate-hike hopes and set bullion on course for its best week in seven months. Spot gold jumped 2.4% to $4,341.69 per ounce ​by 10:57 am EDT (14:57 GMT), having surged over 3% to its highest since ​June 17. Bullion is set to post its largest weekly rise since ⁠January 19, with prices gaining over 7% so far this week. Declining energy prices and a potentially reduced likelihood of US interest rate ‌increase ⁠portends to a weaker dollar and stronger gold prices, Meger added. The probability that the Fed ​will hold rates next ​month rose to ⁠56.1% versus 43.2% just before the data release.