Gold Price Breaches $1,200 per Ounce

The price of gold crested above $1,200 per ounce on Wednesday on the heels of lackluster jobs data. Specifically, Reuters reported that the metal’s spot price increased 1.5 percent to hit $1,200.40 an ounce. Meanwhile, US gold futures gained $17 to reach $1,200.20.

While the government will release official jobs data on April 3, the early numbers indicate slower-than-expected job creation, which could forestall a hike in the federal key funds rate. The possibility of sustained low interest rates has compelled investors to pursue gold and other safe-haven commodities.