Gold Up to $1,259.60 on Weaker Dollar

The gold price recovered on July 3 after recording its largest ever quarterly drop between April and June. Spot gold climbed $18.89 to a high of $1,259.60 an ounce, while U.S. gold futures for August reached $1,249.90 an ounce after a $6.20 bump.

These increases are credited to the dollar’s weakening and European stock prices falling as investors wait for U.S. employment data, which is expected to affect the U.S. Federal Reserve’s decision whether or not to curb its stimulus bill, according to Reuters. A strong showing in employment should trigger the Fed to end the stimulus as soon as mid-2014.