Spot gold jumped 2.3 percent to $4,336.02 per ounce by 2:42pm EDT (1842 GMT), ​having risen more than 3 percent to its highest since June 17. “The weaker-than-expected jobs data presents a scenario where the Fed is ​going to be less likely to raise interest rates at its next meeting,” said ​David Meger, director of metals trading at High Ridge Futures. Declining energy prices and a potentially reduced likelihood ‌of ⁠US interest rate increase portend to a weaker dollar and stronger gold prices, Meger said. Lower interest rates make gold more attractive relative to yield-bearing assets as bullion does not ​generate interest. UBS expects gold prices to climb to $5,000 per ounce in ​the first ⁠half of 2027, it said in a note on Friday.