The risk to this view is a hawkish reassertion from the Fed if upcoming inflation data surprises higher, which would temper the dollar weakness this rally depends on. A shock US payrolls contraction has traders slashing rate hike bets and sending gold to its best week in seven months. Spot gold jumped above 4360 dollars per ounce, up more than 3 percent on the day and its highest level since June 17. Declining energy prices alongside the reduced likelihood of a near term rate increase are together pointing toward a weaker dollar and firmer gold prices, a combination that has underpinned bullion's rally over the past week. Because gold generates no yield of its own, lower interest rates make it comparatively more attractive against yield bearing assets such as bonds.